A stronger dollar weighed on export prospects, with CBOT grain futures extending losses
2024-04-16 15:42:23
Gold Ten Futures, April 16, according to foreign media reports, U.S. grain prices fell for the second day in a row, as the strengthening dollar further increased the pressure on U.S. exports. "The strengthening dollar has depressed the prices of U.S. crops, as exports need to be more competitive, especially relative to South American origins," analysts at Cre ́ dit Agricole wrote in a report. The dollar "rallied" against other currencies as the Federal Reserve recalibrated its monetary policy bets, and the Bloomberg Dollar Spot Index hit a five-month high. Agricultural analysts noted that while economic indicators in the U.S. remain favorable, traders are waiting for a change in U.S. interest rates. As of 23:39, CBOT wheat prices fell 0.48%, after falling as much as 1.6% previously. CBOT corn and soybean futures also fell.
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