Wheat heads for biggest weekly fall since June on ample supply

Chicago wheat futures fell on Friday and were headed for their biggest weekly drop since June, as a firmer dollar and abundant global supply kept prices near an eight-week low. Soybean futures declined for a sixth day, reaching their lowest since October 24, as speculators continued to unwind long positions due to ample supply and doubts over Chinese demand. Corn dipped after two days of gains driven by brisk U.S. exports. A rise in the dollar index to a one-week high weighed on U.S. grains by making them more expensive overseas. The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.2% at $5.06-3/4 a bushel at 1203 GMT and on track to end the week 4.3% lower. Wheat hit an eight-week low of $5.04 on Wednesday before steadying above psychological $5 floor, leading some to anticipate the market may be bottoming out. “Open interest has increased over the last few sessions as the price has steadied at lower values,” StoneX analyst Bevan Everett wrote in a ...