Corn, soy steady

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CANBERRA- Chicago wheat futures inched lower on Thursday after plunging to a 2-1/2-month low in the previous session as the US dollar surged to its strongest in a year, making US farm exports less competitive on global markets.

Corn and soybean futures steadied after three consecutive days of declines due to the dollar’s pressure, a faltering vegetable oil rally and concerns that a debt swap announced by China last week will fail to stoke its economy.

The most-active wheat contract on the Chicago Board of Trade was down 0.1 percent  at $5.40-3/4 a bushel after falling on Wednesday to $5.36-1/2, lowest since Aug. 29.

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The US dollar continued to rise, reaching its strongest since November 2023 after US consumer price data suggested there could be fewer interest rate cuts next year.

“The biggest driver in recent days has been the appreciation of the US dollar,” said Andrew Whitelaw at agricultural consultants Episode 3.

“Rains arrived in Kansas, the largest growing state in the US and expectations are that frost damage in Australia is lower than most analysts expected,” Whitelaw added.

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