Wheat Futures Face Declines Amid Strengthening Dollar

The wheat market saw losses on Monday, with futures recovering slightly from their lowest points as the trading day wrapped up. Chicago SRW futures dropped between 3 ¼ and 7 cents in the near term. Kansas City HRW contracts fell by 1 penny to 4 3/4 cents throughout the day, while MPLS spring wheat experienced minor decreases of up to 5 ¾ cents.

A stronger US dollar index, which rose by 515 points, contributed to the downward pressure on wheat prices. Furthermore, recent rains in the Southern Plains, observed over the weekend, are likely to impact the winter wheat markets. The precipitation from the past week may enhance condition ratings, with the Crop Progress report expected to be released on Tuesday afternoon.

Dec 24 CBOT Wheat closed at $5.65 1/2, down 7 cents.

Mar 25 CBOT Wheat closed at $5.80 1/2, down 7 cents.

Dec 24 KCBT Wheat closed at $5.59 1/2, down 4 3/4 cents.

Mar 25 KCBT Wheat closed at $5.73, down 4 1/2 cents.

Dec 24 MGEX Wheat closed at $5.92, down 5 3/4 cents.

Mar 25 MGEX Wheat closed at $6.12 1/4, down 5 cents.

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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