Wheat futures on the Chicago Board of Trade fell about 2 percent on Monday on disappointing weekly export data and broad declines in commodities tied to a surging US dollar, traders said. CBOT December wheat settled down 9 cents at $3.94 per bushel after dipping to $3.92-1/2, its lowest since October 5.
K.C. December hard red winter wheat ended down 7-1/2 cents at $4.02-3/4 a bushel and MGEX December spring wheat fell 7-1/2 cents at $5.12-1/2. The dollar hit an 11-month peak against a basket of currencies as the risk of faster inflation and wider budget deficits sent Treasury bond yields shooting higher. A firmer dollar makes US wheat less competitive on the global market. The US Department of Agriculture reported export inspections of US wheat in the latest week at 191,062 tonnes, below a range of trade estimates for 400,000 to 600,000 tonnes.