Wheat closes higher, snaps 3-day losing streak

Wheat futures closed higher on Wednesday, to end a 3-day losing streak, as the US dollar fell against most currencies.

Wheat was weighed down after Australia raised its forecasts for wheat production by more than 25% following heavy rainfall that will boost crops.

The Australian government stated that its expects the 2020/21 season to be 25% higher than previous estimates.

Heavy rainfall in large areas of Australia have ended nearly 3-year drought that cost the country heavy losses in agricultural crops.

The Australian Bureau of Statistics revealed that wheat output for the year ending June 30, 2021 will reach 26.7 million tonnes, compared to March's forecast of 21.3 million tonnes.

Wheat July futures rose 0.6% to close at $5.07 per bushel, with a day high of $5.09 and a low of $5.02.