Currency moves rattle wheat market

Currency moves rattle wheat market

Futures turn mostly lower after rally runs out of gas. (audio)

Grain futures are mostly lower after the first two hours of trading in Chicago. The overnight rally got a boost early when USDA announced the sale of 6.5 million bushels of soybeans to China. But those gains evaporated after a surprise move in Canada to cut interest rates. That pulled the dollar off its lows, pressuring wheat, which in turn dragged corn and soybeans a little lower too.

Listen to the report using the audio link on this page.

Futures turn mostly lower after rally runs out of gas

Bryce Knorr, Senior Market Analyst, Farm Futures, first joined Farm Progress Cos. in 1987. In addition to analyzing and writing about the commodity markets, he is a former future introducing broker and is a registered Commodity Trading Advisor. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports. Besides the Morning Market Review on FarmFutures.com, he writes weekly reviews for key commodities and crop inputs. A journalist with 38 years of experience, he received the Master Writers Award from the American Agricultural Editors Association.

TAGS: USDA
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