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Wheat closes lower on profit-taking

Economies.com
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.

Japanese yen rises despite weak data

Economies.com
2020-10-09 19:50PM UTC

The Japanese yen rose on Friday against the US dollar, shrugging off the release of disappointing economic data.

 

This came amid cautious hopes about the possibility of a second aid package in the US to ease the coronavirus impact on the world's largest economy.

 

Bearing in mind that US President Trump decided to stop the second Covid-19 stimulus talks with Democrats until after the presidential election.

 

Data showed today that Japan's average income fell 1.3% during September, more than expected of drop by 1.2%, after falling by 1.5%  in the previous reading.

 

The Japanese household spending index fell 6.9% in September, more than forecasts of a drop by 6.6%.

 

As of 20:48 GMT, USD/JPY fell 0.4% to 105.6, after hitting a high of 106.05 and a low of 105.5.

Dollar tumbles amid US stimulus optimism

Economies.com
2020-10-09 19:05PM UTC

The US dollar slumped against most of its peers on Friday, amid optimism about the US fiscal stimulus despite President Donald Trump's decision this week.

 

US President Trump decided earlier this week to stop the second Covid-19 stimulus talks with Democrats until after the presidential election.

 

However, Trump stated that his administration is considering extending the aid package to support to airlines and the paycheck protection program.

 

Federal Reserve Chairman Jerome Powell stressed during an economic forum this week on the need for more fiscal support from the US Congress to support the economy.

 

The dollar index fell against a basket of currencies by 0.6% to 93.06 points as of 19:54 GMT, after hitting a high of 93.5 and a low of 93.04.

Gold hits 3-week high, scores weekly gains

Economies.com
2020-10-09 19:37PM UTC

Gold prices rose on Friday, as the US dollar fell broadly against most of its peers, as focus shifted to odds for a second fiscal stimulus package in the US.

 

Investors absorbed US President Trump decision to stop the second Covid-19 stimulus talks with Democrats until after the presidential election.

 

However, Trump calmed the market's concerns and stated that he is considering to extend the aid package to support to airlines and the paycheck protection program.

 

The dollar index fell against a basket of currencies by 0.6% to 93.06 points as of 20:24 GMT, after hitting a high of 93.5 and a low of 93.04.

 

Gold December futures rose 1.6% or $31.10, to close at a 3-week high of $1,926.20 an ounce, and posted weekly gains of 1%, after hitting a day high of $1,935.8 and a low of $1,898.

Frequently asked questions

What is the price of Wheat today?

The price of Wheat is $556.75 (2025-07-06 21:36PM UTC)