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US wheat futures fall on export worries.

Byline: S. Kamal Hayder Kazmi

Chicago Board of Trade wheat futures closed below $5 a bushel on Wednesday, the first time in nearly six weeks, amid technical selling and concern about dwindling US export demand, traders said.

Traders said wheat contracts were also pressured by the US dollar, which rose more than 1/2-percent against a basket of currencies on Wednesday, reaching its highest point since August. CBOT December soft red winter wheat closed down 9-1/2 cents at $4.99-1/2 a bushel on Wednesday. K.C. December hard red winter wheat settled down 10-1/2 cents at $4.97 a bushel and MGEX December spring wheat closed the day down 6-1/2 cents at $5.78-1/2 a bushel.

Russia's agriculture ministry this week raised its forecast for the country's 2018 grain crop by 3 million tonnes to 109 million tonnes. Analysts polled ahead of Thursday's weekly USDA export sales report expect net wheat sales of 200,000 to 500,000 tonnes last week, compared with 475,998 tonnes in sales the previous week.

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Publication:Pakistan & Gulf Economist
Date:Nov 4, 2018
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