Hard red winter wheat futures on the Kansas City Board of Trade ended higher Tuesday, supported by a weaker dollar, stronger crude values and gains in corn and soybean futures. KCBT December ended up 11-1/4 cents at $6.09 per bushel, with March up 10-3/4 cents at $6.25-1/4. December climbed to $6.22-1/2 and March rallied as high as $6.39 on the day.
The gains came as the dollar fell against most major currencies while investors awaited the outcome of the US presidential election Tuesday.Gains in crude oil futures amid signs Saudi Arabia was cutting production added support as did strength in corn and soybean futures. Gains were limited by news that Iraq's state grains board bought about 200,000 tonnes of wheat from east Europe and Australia but none from the United States.
Meanwhile, Cuba signed a contract with the Canadian Wheat Board on Tuesday to buy 150,000 tonnes of wheat in 2009, similar to the amount purchased this year. Weather remained largely beneficial for development of the US new HRW wheat crop with warmer-than-normal temperatures and mild conditions.
USDA reported Monday that the new US winter wheat crop was rated 67 percent good to excellent, improved over last week and last year. USDA said 90 percent of the new US winter wheat crop was planted as of Sunday and 76 percent was emerged.
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