MUMBAI (Commodity Online): U.S Wheat futures finished lower Friday on pressure from gains in the U.S. dollar and bearishness about large supplies, traders say. The rising greenback weighed on the grains for the second consecutive day.

Wheat finished lower with neighboring CBOT corn. The markets gave back gains from earlier in the week amid a lack of fresh news for the wheat markets to digest, a trader says.

The fundamental storyline remains unfriendly for Wheat because world supplies are comfortable and there is stiff competition for export business. CBOT May wheat ended down 1 1/2 cents on the week.

Commodity funds sold an estimated 2,000 contracts. CBOT May wheat closed 5 1/2 cents lower at $4.83 3/4 a bushel, KCBT May wheat ended 3 cents lower at $4.92, and MGE May wheat settled down 5 1/4 cents at $5.09 1/4.

Courtesy: CBE Group

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook