Weak US dollar lifts wheat, but Black Sea export hopes cap gains

Chicago wheat futures advanced 0.5% to $6.01-3/4 a bushel on Thursday, while corn added 0.4% and soybeans edged up 0.1%, Business Recorder reported. A softer US dollar supported the gains by making American farm exports more competitive, but wheat remained close to a four-month low as traders weighed prospects for larger Black Sea shipments.

The rebound follows steep declines from early-September peaks: wheat is down about 25%, corn roughly 20% and soybeans around 10%. Higher Russian and Ukrainian grain flows, along with the possibility of renewed Black Sea shipping, have limited wheat’s recovery; both countries are due to join US-mediated peace talks in Abu Dhabi on November 10-11. Commonwealth Bank analyst Dennis Voznesenski said prices could struggle to fall further without concrete progress on reopening Black Sea ports. Traders are also awaiting next week’s US Department of Agriculture crop estimates, after StoneX raised its US harvest forecasts for corn and soybeans.