Wheat closes lower on profit-taking

2020-10-09 20:56PM UTC

Wheat prices fell on Friday, despite the US dollar’s ​​broad drop against most majors, as some agricultural commodities were weighed down by profit-taking in the Chicago Mercantile Exchange.


Wheat had hit more than 1-year peak after unfavorable weather forecasts and some exporting countries harvesting their crops.


Weather agencies forecast that the Midwest states in the US will be prone to dry weather over the next 6 to 10 days.


This came despite positive expectations for the Chinese demand and purchases of US farm goods.


The dollar index fell against a basket of currencies by 0.6% to 93.06 points as of 21:45 GMT, after hitting a high of 93.5 and a low of 93.04.


Wheat December futures fell 0.5% to close at $5.93 per bushel, after hitting a day high of $6.06 and a low of $6.06.

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