Chicago Close: Wheat Lower on Higher Dollar

Corn and soybean futures were little changed on Friday while wheat ended lower.

Wheat was pressured by a stronger American dollar, which makes U.S. supplies appear more expensive to foreign buyers in the international market. Much-needed rain for the winter wheat crop in parts of the U.S. southern Plains – including ‘significant’ thunderstorms in Kansas and Oklahoma - also undermined the market. July Chicago wheat fell 7 ¼ cents to $5.08 ¾, July Kansas City lost a dime to $4.44 ½ and July Minneapolis dropped a nickel to $5.13.

Soybeans were a bit weaker on worries about exports to China, particularly in the wake of rising tensions between China and the U.S. over Hong Kong. July beans slipped 1 ¾ cents to $8.33 ¼ and November was a penny lower at $8.44 ½.

Position squaring ahead of the long U.S. holiday weekend led to a mixed close for corn. July was a ¼ cent higher at $3.18 and December was a ¼ cent lower at $3.32 ¾.

Live cattle and lean hogs both ended lower.

Source: DePutter Publishing Ltd.

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