CBOT wheat falls, hovers near 3-1/2-month low
CHICAGO, Oct 27 (Reuters) - Chicago Board of Trade wheat futures fell on Tuesday, hovering near a 3-1/2-month low, on currency concerns and as traders assessed the potential for Black Sea grain exports, market analysts said.
Traders said they continued to be worried that currency pressures will weigh on US export demand for grains.
On Tuesday the US dollar firmed against the euro, yen and pound, as traders braced for a barrage of central bank meetings that will shape the interest rate outlook, as well as corporate earnings that could ripple across markets.
A stronger US dollar can pressure demand by making US supplies more expensive for overseas buyers and reducing export competitiveness.
CBOT December soft red winter wheat closed 5-3/4 cents lower at $6.10-1/4 per bushel.
Earlier in the session, the most-active wheat contract dipped to $6.09-3/4 a bushel, the contract's lowest price since July 9.
K.C. December hard red winter wheat settled down 8-1/2 cents at $6.50-1/2 a bushel.
Minneapolis December spring wheat ended down 5-1/2 cents at $6.28-1/2 a bushel.
US farmers continue to plant winter wheat for harvest in 2027. On Monday afternoon, the US Department of Agriculture said that winter wheat seeding was 76% complete, up from 63% last week and ahead of an average of analyst estimates for 75%, but behind the five-year average of 77%.
The USDA was expected to release its first condition ratings for the winter wheat crop in next week's report.