Wheat closes lower despite weaker dollar

Wheat prices fell on Friday, on profit-taking, while the US dollar fell against most currencies.

Observers believe that investors at the Chicago Merc are trying to benefit from the recent price surge of agricultural goods such as wheat, after it hit a 4-month high.

The dollar index fell against a basket of currencies by 0.6% to 92.4 points as of 22:05 GMT, after it hit a high of 93.1 and a low of 92.2.

Wheat, soybean and corn future contracts rose this week, lifted by China's purchases of US farm commodities, in compliance with the phase-one trade agreement that was signed in mid-January.

However, concerns about the US-China tensions remained, especially after China launched on Thursday four ballistic missiles into the South China Sea.

Wheat September futures fell 0.4% to close at $5.48 per bushel, after hitting a day high of $5.55 and a low of $5.44.