Wheat futures on the Chicago Board of Trade fell on Wednesday on technical selling ahead of Thursday's US Thanksgiving holiday and a stronger dollar, which tends to make US grains less attractive to those holding other currencies. The dollar surged to its highest in nearly 14 years on expectations of rate increases by the Federal Reserve next month and in 2017. CBOT December wheat settled down 5-3/4 cents at $4.01-1/2 per bushel.
Prospects for deliveries against the December contract on first notice day on November 30 added pressure. K.C. December hard red winter wheat ended down 1 cent at $4.15-1/2 a bushel while MGEX December spring wheat closed up 1/4 cent at $5.27-1/4. There was additional pressure from forecasts for much-needed rains in the Mississippi River Delta soft red winter wheat region in the coming days. But traders continue to monitor dry conditions in the southern Plains hard red winter wheat belt.
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