Wheat declines as stronger dollar reduces appeal of US crop

Wheat futures declined in Chicago as the dollar gained, making U.S. crops less attractive to importers and investors. Soybeans also fell. May-delivery wheat fell as much as 0.6 per cent to $4.825 a bushel in after-hours electronic trading on the Chicago Board of Trade, before trading at $4.835 at 12:01 pm Singapore time. The Dollar Index, which tracks the value of the greenback against six major currencies, rose 0.2 per cent, snapping three days of losses on concern sovereign credit ratings will deteriorate. Wheat exports from the US dropped to 56 million bushels in December, from 70.6 million bushels a month earlier, the nation’s Department of Agriculture said March 12. May-delivery soybeans lost 0.1 per cent to $9.2425 a bushel at 12:05 pm after trading between $9.2175 and $9.275 a bushel. A net purchase of 192,400 tonnes of US soybeans from China was canceled in the week through March 4, the Department of Agriculture said last week. Corn futures, little changed, may rise on concern flooding in the US may delay planting in the world’s biggest producing and exporting nation. Futures for May delivery advanced as much as 0.6 per cent to $3.6625 a bushel before trading at $3.64.