CBOT wheat rises on technical trading after dollar-fueled downturn
CHICAGO, Nov 15 (Reuters) -U.S. wheat futures recovered on technical trading on Friday after a week of multi-month lows driven by a days-long rally in the U.S. dollar, according to analysts.
Wheat futures rose after reaching lows not seen since late August this week on a surge in the U.S. dollar. The greenback hit one-year highs as President-elect Donald Trump's election win, U.S. inflation data and comments by Federal Reserve head Jerome Powell fueled expectations of a slower pace for U.S. interest rate cuts.
A stronger dollar tends to make U.S. exports less competitive because they become more expensive to holders of other currencies.
Ukraine has harvested 52.1 million metric tons of grain from 95.7% of the planted area by Nov. 14, the agriculture ministry said on Friday. The volume included 22.4 million tons of wheat.
CBOT December soft red winter wheat WZ24 rose 6-1/4 cents to settle at $5.36-1/2 per bushel.
K.C. December hard red winter wheat KWZ24 settled up 7 cents at $5.40 per bushel, and Minneapolis December spring wheat MWEZ24 closed up 5-3/4 cents at $5.72-1/4 per bushel.
For the week, most-active wheat Wv1 dropped about 6.30%.
Reporting by Renee Hickman; editing by Jonathan Oatis
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