CANBERRA: Chicago wheat futures slipped on Tuesday towards a two-month low hit on Monday, as a strengthening dollar made US crops less competitive and forecasts for more rain in the dry US Plains improved the outlook for crop production.
Soybean futures dipped as a rally in soyoil prices faltered, while corn inched higher. The most-active wheat contract on the Chicago Board of Trade was down 0.1% at $5.64-3/4 a bushel, as of 0313 GMT, after falling to a low of $5.52 on Monday.
The US dollar held near Monday’s four-month high, pressuring greenback-priced commodities, amid concerns about the economic impact of US President-elect Donald Trump’s proposed tariffs. The Commodity Weather Group on Monday predicted a “notable” increase in moisture for US wheat regions that suffered dry conditions in recent months. Some rain has also fallen and more showers are forecast in the Black Sea region, the world’s biggest wheat export hub, where dry weather has clouded the outlook for next year’s harvest.
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