CBT Wheat Futures Steady Near Six-Week Lows Amid Demand Sentiment
Chicago Board of Trade wheat futures were steady on Friday near six-week lows as a Saudi Arabian import tender boosted demand sentiment despite US dollar strength capping prices.
A larger-than-expected USDA estimate of US corn stocks weighed heavily on the market, keeping CBOT corn futures at six-week lows. Traders are eagerly awaiting next week's crop production report and World Agricultural Supply and Demand Estimates to gauge the size of this autumn's US corn and soybean harvest.
US Commodity brokerage StoneX reduced its average US 2026 corn yield estimate and trimmed corn production forecasts but increased soybean yield and production estimates in its latest monthly report. The most traded CBOT corn settled at $4.97-3/4 a bushel, while CBOT soybeans closed at $12.78-1/4 per bushel.
The dollar index was on track for a fourth straight weekly gain against the euro amid elevated US Treasury yields and expectations of a hawkish Federal Reserve interest rate stance, which strengthens the dollar and makes dollar-denominated commodities more expensive for overseas buyers.