Wheat closes lower as dollar rebounds

Economies.com
2020-06-05 20:38PM UTC

Wheat futures closed lower on Friday, as the US dollar rose against most currencies after the release of a strong monthly jobs report in the US.

 

Wheat futures were weighed down today by profit-taking the 1-month high that was hit yesterday, to approach resistance between the 200-day and 50-day moving averages.

 

The dollar index rose against a basket of currencies by 0.3% to 96.9 points as of 20:23 GMT, after it hit a high of 97.03 and a low of 96.4.

 

The US Department of Labor revealed that the US has added more than 2.5 million new jobs in May, the largest monthly increase of all-time, beating forecasts of losing 7.7 million jobs. 

 

Wheat July futures fell 1.6% to close at $5.15 a bushel, with a day high of $5.27 and a low of $5.13.

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