Chicago Close: Dollar Strength Weighs on Wheat

Wheat futures ended lower on Friday, undermined by strength in the U.S. dollar.

The American greenback rose today after a U.S. jobs report showed employers added 2.5 million workers to their payrolls last month. Expectations were for a loss of about 8 million jobs. Profit taking and the expanding winter wheat harvest on the southern Plains added to the pressure on the wheat market, with mostly war, dry conditions in the forecast for the weekend. July Chicago wheat fell 8 ½ cents to $5.15 ¼, July Kansas City lost 11 cents to $4.61 ¼ and July Minneapolis dropped 7 ½ cents to $5.18 ¾.

Corn managed small gains on the day, with reports attributing the gains to follow-through technical buying. July was up 2 ¼ cents to $3.31 ¼ and December climbed 2 ½ cents to $3.45 ¼.

Soybeans ended little changed. Some support came as the USDA’s mandatory reporting system showed two large soybean sales – the first 258,000 tonnes and the other 330,000 - to unknown destinations this morning. July soybeans were unchanged at $8.67 ¾ and November gained 2 ¾ cents to $8.79 ½.

Live cattle ended lower today. Lean hogs were mostly higher.

Source: DePutter Publishing Ltd.

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