Chicago wheat falls sharply on strong dollar, soybeans rebound

GMT 07:55 2015 Tuesday ,18 August

Arab Today, arab today Chicago wheat falls sharply on strong dollar, soybeans rebound

Chicago Board of Trade
Chicago - XINHUA

Chicago Board of Trade (CBOT) soybeans rebounded slightly Monday as a monthly report showed a record crush rate of the crop, while wheat fell sharply on the strong U.S. dollar, a situation that would adversely affect the export demand of wheat.

Corn also settled lower in the day as rains are expected in major corn production areas.

The most active corn contract for December delivery fell 1 cent, or 0.27 percent, to close at 3.745 U.S. dollars per bushel. December wheat delivery lost 7.25 cents, or 1.42 percent, to close at 5.045 dollars per bushel. November soybeans gained 0.5 cent, or 0.05 percent, to close at 9.17 dollars per bushel.

Analysts said that the strong dollar put pressure on American wheat as it turned out to be more expensive to buyers holding other currencies, coupled with falling Black Sea wheat prices and rising Russian wheat crop estimates.

The U.S. dollar went up against most major currencies Monday amid the country's mixed economic data.

The National Oilseed Processors Association reported Monday a record large July soybean crush rate of 145.989 million bushel, according to Agresource, a Chicago-based Institute, which said the figure was up just around 3 million bushel from June and up 25.62 million bushel from last July. Agresource noted that this report was bullish to soybeans and suggested record large U.S. domestic soymeal demand.

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