CANBERRA- Chicago wheat futures fell to a 10-week low on Wednesday after the US dollar surged to its strongest level since May and rain in US cropping areas improved the supply outlook.
Soybean futures also slipped, having plunged on Tuesday when President-elect Donald Trump chose former Congressman Lee Zeldin, seen as a sceptic of the biofuel industry, to head the US Environmental Protection Agency (EPA).
Corn edged lower. The most-active wheat contract on the Chicago Board of Trade was down 1 percent at $5.46-3/4 a bushel after falling to $5.45-1/2, lowest since Sept. 3.
The dollar held near its six-month high against a basket of currencies, making greenback-priced US crops less attractive to overseas buyers holding other currencies. Wheat has trended lower in the recent weeks as rain eased dry conditions in the US the Black Sea and Argentina, where harvest is getting underway. Meanwhile, dry weather improved the sowing conditions in waterlogged Western Europe.
