June 9 (Bloomberg) -- Wheat gained for the first time in three sessions on speculation that a weaker dollar will boost demand for supplies from the U.S., the world’s largest exporter of the grain.
The U.S. Dollar Index, which values the greenback against six major counterparts, fell as much as 1.6 percent, the first decline in three sessions. As the dollar drops, importers can purchase more U.S. goods when using their own currencies. Wheat dropped 22 percent in the past year, partly on increased global production and stockpiles.
Wheat is being dragged “higher by the influence of the outside markets and the negative dollar,” said Tomm Pfitzenmaier, a partner at Summit Commodity Brokerage in Des Moines, Iowa. “The reason wheat’s followed so closely with the dollar is there isn’t anything else to talk about.”
Wheat futures for July delivery rose 15.75 cents, or 2.6 percent, to $6.1375 a bushel on the Chicago Board of Trade. The most-active contract has lost 3.7 percent this month on speculation that favorable weather has improved prospects for winter wheat that U.S. farmers began harvesting this month.
The Reuters/Jefferies CRB Index of 19 commodities rose as much as 1.7 percent today, led by copper, nickel, aluminum and crude oil. more...
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