Chicago Board of Trade wheat futures dropped 1.2% on Wednesday, pressured by a firm dollar that traders said was depressing already weak overseas demand for U.S. supplies Reuters reports.
“We are still not getting the export demand,” Mark Schultz, chief market analyst at Northstar Commodity, told Reuters. “There is plenty of wheat globally.”
The drop in wheat weighed on the corn market, which also faced seasonal harvest pressure as farmers around the U.S. Midwest began running their combines.
