Chicago Board of Trade (CBOT) grains closed higher on Wednesday as a slide in the U.S. dollar lifted commodity markets, pushing corn futures to their highest price in seven weeks.
The most active corn contract for March delivery added 5.25 cent, or 1.49 percent to close at 3.565 dollars per bushel. March wheat delivery rose 11.5 cents, or 2.73 percent to close at 4.33 dollars per bushel. March soybeans went up 6 cents, or 0.61 percent to settle at 9.9225 dollars per bushel.
The U.S. dollar Index which measures the buck against a basket of six rivals, dropped 0.9 percent to 89.32 as of 1900 GMT, which is its lowest level since December 2014.
Weakness in the U.S. dollar is often considered supportive for grains markets because it makes U.S. crops more attractive to global buyers.
CBOT floor brokers estimate that funds are net buyers of 7,300 contracts of corn, 3,800 contracts of wheat, and sellers of 2,000 contracts of soybeans. Enditem
The most active corn contract for March delivery added 5.25 cent, or 1.49 percent to close at 3.565 dollars per bushel. March wheat delivery rose 11.5 cents, or 2.73 percent to close at 4.33 dollars per bushel. March soybeans went up 6 cents, or 0.61 percent to settle at 9.9225 dollars per bushel.
The U.S. dollar Index which measures the buck against a basket of six rivals, dropped 0.9 percent to 89.32 as of 1900 GMT, which is its lowest level since December 2014.
Weakness in the U.S. dollar is often considered supportive for grains markets because it makes U.S. crops more attractive to global buyers.
CBOT floor brokers estimate that funds are net buyers of 7,300 contracts of corn, 3,800 contracts of wheat, and sellers of 2,000 contracts of soybeans. Enditem
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