CANBERRA- Chicago wheat futures rose on Tuesday despite a strengthening dollar and huge exports of cheap grain from Russia that are keeping prices near their lowest since 2020.
Corn and soybean futures also edged higher but were close to 4-year lows.
Chicago Board of Trade (CBOT) wheat futures for May delivery were up 0.6 percent at $5.55-1/4 a bushel after falling as low as $5.24 last month.
CBOT soybeans was up 0.2 percent at $11.60-3/4 a bushel and corn climbed 0.1 percent to $4.31-3/4 a bushel.
The dollar rose to its strongest since Nov. 2 against a basket of currencies, making US farm goods costlier for buyers with other currencies and potentially damaging demand.
Consultants Sovecon estimated that Russia would export 4.2-4.6 million metric tons of wheat in April, compared with a record-high 4.4 million tons a year ago. Russia shipped around 4.9 million tons in March, the most for any March on record.
“For most of 2024, we expect global grains and oilseed markets to be oversupplied and prices subdued,” Commonwealth Bank analyst Dennis Voznesenksi said in a research report.
