Wheat bounces after selloff triggered by USDA’s output estimates

U.S. wheat futures rebounded on Thursday, supported by a weaker dollar, having fallen nearly 1% in the previous session after the U.S. Department of Agriculture raised its global output estimates, cementing expectations for ample supply. beans to China, another 331,000 tons to undisclosed destinations and 120,000 tons of soymeal to Poland. The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.7% at $5.33-1/2 a bushel at 1230 GMT, after falling to $5.25-1/4 on Wednesday, its lowest since October 31. The dollar found support on Thursday from a broad risk-off mood in markets, but failed to recoup its overnight losses against peers after the Federal Reserve delivered a less hawkish outlook than some had expected. A weaker dollar makes U.S. crops cheaper for buyers with other currencies and can boost demand. “We expect wheat prices to settle into a range,” said Tobin Gorey, founder of consultants Cornucopia. Gorey said investor positioning had become more neutral ...