“Equities went from low to high, the dollar went from high to low and I think that spurred some grain buying,” said Don Roose, president of US Commodities.
Chicago Board of Trade November soybeans rose 0.1% to $511.94 a tonne. On the other hand, the CBOT December corn yielded a tiny 0.04% to US$269.08. For its part, the CBOT soft red winter wheat for December fell 0.4% to US$311.59.
The dollar weakened against a basket of currencies on Friday after a report said some Federal Reserve officials have expressed some discomfort with large interest rate hikes, even as another big hike is expected in November.
Wheat futures touched a one-month low in overnight trading as traders fear a global recession could dampen demand.
Grain markets have also reacted to conflicting indications about talks to extend a United Nations-backed shipping corridor from Ukrainian ports.
After Russian officials renewed criticism of a lack of attention to Moscow’s concerns, Turkish President Tayyip Erdogan was quoted on Friday as saying he saw no obstacles to expanding the deal.
Source: Ambito
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