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CBOT wheat sinks to 9-month low on stronger US dollar

By Reuters News

CHICAGO, Nov 12 (Reuters) - Chicago Board of Trade wheat futures fell on Thursday as selling pressure stemming from a US dollar rally overshadowed concerns about ongoing disruptions to grain shipments from Russia and Ukraine.

  • The US dollar index strengthened to a 1-1/2 year high on Thursday, creating headwinds for exports of dollar-denominated commodities.

  • Traders are monitoring peace talks this week between Russia and Ukraine. There was no breakthrough in halting attacks on maritime trade during trilateral talks in Abu Dhabi.

  • The USDA is due to release its weekly export sales report early on Friday, a day later than usual due to a federal holiday on Wednesday. Analysts surveyed by Reuters expect net old-crop US wheat sales at 350,000 to 650,000 metric tons for the week ended November 5.

  • CBOT December soft red winter wheat closed 15-1/4 cents lower at $5.84-1/4 per bushel, the lowest level since mid-February.

  • KC December hard red winter wheat last traded 20-1/2 cents lower at $6.19 per bushel.

  • Minneapolis December spring wheat fell 13-1/2 cents to $6.22-3/4 per bushel.

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