CBOT wheat ends nearly unchanged, hovering near six-week lows

By Reuters News

CHICAGO, Oct 2 (Reuters) - Chicago Board of Trade wheat futures ended nearly unchanged on Friday, hovering near six-week lows, as a Saudi Arabian import tender boosted demand sentiment even as strength in the US dollar continued to cap prices, market analysts said.

  • CBOT December soft red winter wheat closed 1/4-cent higher at $6.83 per bushel.

  • K.C. December hard red winter wheat ended down 2-1/4 cents at $7.35-1/4 a bushel, and Minneapolis December spring wheat settled up 1-1/4 cents at $6.98 a bushel.

  • Saudi Arabia announced on Thursday that it was seeking to buy 535,000 metric tons of wheat for shipment in November and December. Traders viewed the tender as a sign that the recent price fall was stirring fresh demand after Saudi Arabia canceled its previous wheat tender on September 7 because of high prices.

  • The dollar index was on track for a fourth straight weekly gain against the euro on Friday, supported by elevated US Treasury yields amid a selloff in European government bond markets and expectations the Federal Reserve will maintain its hawkish interest rate stance. US currency strength makes dollar-denominated commodities more expensive for overseas buyers. FRX/

  • A lack of progress in diplomatic efforts to restore normal shipping through the Black Sea also underpinned wheat prices. Russian President Vladimir Putin on Thursday rejected proposals for a truce in Black Sea attacks.

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