CHICAGO – Chicago wheat futures rallied Friday as the dollar weakened against other major currencies, while corn firmed on US Department of Agriculture data and soybeans climbed, unruffled by the latest hike in China’s retaliatory tariffs against US goods.
The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 18-3/4 cents to $5.56-3/4 a bushel.
CBOT soybeans were up 14-1/2 cents to $10.43-1/2 a bushel, having earlier reached their highest point since Feb. 28. Most active corn rose 6 cents to $4.89 per bushel, after hitting its highest peak since Feb. 27.
Wheat rebounded from the previous day’s fall with a falling dollar encouraging the market to shake off an increased US Department of Agriculture forecast of US wheat stocks, Mike Zuzolo, president of Global Commodity Analytics, said.
The dollar weakened against major currencies on Friday as the back-and-forth over tariffs shook investor confidence in the US currency as a safe haven, sending it to a three-year low versus the euro.
A weaker dollar makes US exports cheaper and therefore more competitive for holders of other currencies.
