May 29 (Bloomberg) -- Corn surged to a seven-month high and wheat prices rose as the dollar fell, boosting prospects for exports from the U.S., the world’s biggest shipper of the grains.
The greenback headed for the biggest monthly drop since 1985 against a basket of six major currencies. U.S. exporters sold 103,850 metric tons of wheat in the week ended May 21, up fivefold from the previous week, Department of Agriculture data show. Corn sales climbed 11 percent to 756,196 tons. Corn rose 8.1 percent this month and wheat gained 19 percent.
“With the dollar getting pummeled, that’s going to be supportive to the whole grain complex,” said Louise Gartner, the owner of Spectrum Commodities LLC in Beavercreek, Ohio.
Rising Commodities
Higher grain prices have helped boost the Reuters/Jefferies CRB Index of 19 commodities, which gained 12 percent this month through yesterday and is heading for the biggest monthly jump since July 1974.
The value of the dollar has an especially strong inverse effect on the wheat market because so many countries compete for export sales of the grain, more than for corn and soybeans, Gartner said. more...
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