A weaker US dollar and strength in global stock markets helped soy and wheat futures to gains on Thursday, although corn was still weaker.
The greenback was under pressure today amid ideas the US Federal Reserve is finished hiking interest rates after holding its benchmark rate steady this week. The possibility that rates have peaked also helped to increase investor risk tolerance and boost the outside markets. Expectations of increased export demand also underpinned wheat and soybeans, despite the fact the USDA’s weekly export sales report this morning showed bookings of US wheat and soybeans for the week ended Oct. 26 near or below the low end of pre-report trade guesses.
January and March soybeans both finished 13 ¼ cents higher at $13.28 ¼, and $13.42, respectively.
December Chicago wheat was up 3 ¾ cents at $5.65 ½, December Kansas City wheat added 1 ½ cents to $6.41 ½, and December Minneapolis wheat was 1 ¾ cents higher at $7.10 ¾.
Corn bookings were also on the low end of expectations, with additional pressure coming from generally large US supplies. December corn was down a nickel at $4.70, and March lost 4 ¾ cents to $4.85.
