Dollar Strength Sinks Wheat Futures to Six-Week Lows
Wheat futures held near six-week lows on Friday due to strength in the US dollar. Despite support from a Saudi Arabian import tender, gains were limited by this factor. Market analysts pointed out that demand sentiment was boosted, but the overall market remained subdued.
The Chicago Board of Trade saw prices for corn and soybeans move lower, remaining near their respective lows. The USDA's estimate of US corn stocks, which came in larger than expected on Wednesday, continued to influence the market. Traders are closely watching the size of this autumn's US corn and soybean harvest ahead of the next crop production report and monthly World Agricultural Supply and Demand Estimates report next week.
Commodity brokerage StoneX reduced its estimate of the average US 2026 corn yield and lowered its corn production forecast on Thursday. However, the firm raised its soybean yield and production estimates from its previous report released in September.