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America: Wheat and Corn Rise

America: Wheat and Corn Rise

Wheat and corn futures rose in overnight trade as a weaker dollar could boost demand for U.S. grains. The dollar has fallen this week amid continued uncertainty over the path of interest rates. Federal Reserve Chairman Jerome Powell made some dovish remarks in a speech yesterday, putting pressure on the dollar.

The central bank faces the task of reducing inflation while balancing excessive monetary policy tightening with adequate tightening, he said. Inflation is still high — well above the central bank’s 2% target — but data has been good over the past few months, he said.

“My colleagues and I are committed to achieving a policy stance that is sufficiently restrictive to bring inflation down to 2% over time, and to maintaining a policy stance that is restrictive until we believe inflation will reach that goal,” Powell said. In his speech.

A weaker dollar makes goods sold in dollars more attractive to foreign buyers and may increase demand for U.S. agricultural products. Meanwhile, soybean futures fell modestly in overnight trade as dry weather allowed farmers to speed up harvesting.

Sixty-two percent of soybeans were in the trash early in the week, up from 43% the week before and above the five-year average of 52%, the U.S. Department of Agriculture reported earlier this week. About 45% of corn was harvested on Sunday, up from 34% the previous week and an average of 42%.

Wheat futures for December delivery rose 3 cents to $5.97 a bushel overnight on the Chicago Board of Trade, and Kansas City futures rose 4 3/4 cents to $6.81 a bushel.

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