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Wheat futures rose nearly 1% in US trade as the dollar index climbed to its highest since August 17. Markets were reacting to a lack of US data and a USDA report that cut the US winter wheat harvest estimate by 24% from 2016.
Traders also reacted to Fed officials' remarks, which raised odds of a December rate hike to 78%.
A sharply lower US winter wheat crop tightens supply and supports wheat prices, while a stronger dollar and higher rate-hike odds partly offset that support.
economies.comRami HaddadOct 3, 2017Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
