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Wheat futures rose nearly 2% in US trade to $4.6150 as the dollar index climbed to its highest since August 22. The move followed US durable goods and pending home sales data, and Fed Chair Yellen's remarks on gradual rate hikes that raised December hike odds to 70%.
Markets were awaiting the USDA grain report on Friday, which was expected to cut the US wheat estimate by about 21 million bushels.
A stronger dollar normally weighs on dollar-priced grains, but the expected USDA cut to US wheat supply pushed futures higher anyway. Feed buyers should note that the supply downgrade is currently outweighing currency pressure.
economies.comRami HaddadSep 27, 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.
