Wheat closes higher on strong Asian demand

2020-10-05 21:31PM UTC

Wheat prices rose on Monday, as the US dollar ​​fell against most major currencies, in addition to strong Asian demand for Australian wheat.


The US Department of Agriculture will release its weekly report on the quality of crops and harvest later this week.


Weather agencies forecast that the Midwest states in the US will be prone to dry weather in the coming weeks.



Wheat, soybean and corn futures closed higher last week, after the USDA reported that stocks of these commodities fell more than expected during the third quarter.


The dollar index fell against a basket of currencies by 0.3% to 93.5 points as of 20:18 GMT, after it hit a high of 93.8 and a low of 93.3.


Wheat December futures rose 2% to close at $5.84 per bushel, after hitting a day high of $5.87 and a low of $5.73.

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