Wheat Rises as Dollar Drop Boosts Outlook for U.S. Export Sales

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Wheat Rises as Dollar Drop Boosts Outlook for U.S. Export Sales

Wheat Rises as Dollar Drop Boosts Outlook for U.S. Export Sales:

Wheat rose to a one-week high on speculation that prospects for U.S. exports gained because the dollar declined this month and as demand increased from investors seeking a hedge against inflation.

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Wheat prices also got a boost from concern that some U.S. growers were unable to plant winter crops because unusually heavy rainfall delayed the soybean harvest and hindered access to the fields.

 

U.S. shipments have lagged behind the year-earlier pace because of rising world stockpiles and because competing suppliers offered grain at lower prices.

 

Wheat also gained as speculative investors including index- and hedge-fund managers bought commodity futures that they deem to be undervalued, including wheat.

 

 

In Other major Commodity Update, there is information about Soybean Prices rising on surging Chinese demand for U.S. Supplies.

 

 

Soybean Prices Rise on Surging Chinese Demand for U.S. Supplies:

Soybean prices rose to a five-month high on surging demand for animal feed and cooking oil made from oilseeds shipped by the U.S., the world’s biggest producer and exporter.

 

From Sept. 1 to Nov. 19, U.S. export sales of soybeans rose 58 percent to 27.1 million metric tons (995.4 million bushels) from a year earlier, and China accounted for 62 percent of the total, government data show.

 

A drought this year in Brazil and Argentina, the largest shippers of feed made from the oilseed, boosted consumption of U.S. supplies.

 

U.S. sales of soybean meal from Oct. 1 to Nov. 19 surged 72 percent to 4.7 million tons from a year earlier, Department of Agriculture figures show.

 

Shipments of soybean oil have tripled.

 

 

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