Chicago crop futures ended lower on Wednesday amid strength in the American dollar.
The greenback hit a six-week high after data showed US retail sales rose sharply after two straight months of monthly declines. A stronger US dollar makes American grains appear more expensive and thus less attractive to foreign buyers.
Soybeans saw further pressure as NOPA members reported a January crush of 179 million bu, down 2% from last year and below pre-report trade expectations. The ongoing harvest of what is expected to be a record large soy crop in Brazil added to the downside. March beans fell 11 ¾ cents to $15.25 ¾, and new-crop November lost 8 cents to $13.75.
Wheat futures fell despite reports that Russia is stepping up its war with Ukraine, with some media reports suggesting as much as 97% of the entire Russian army is now in the country. March Chicago wheat dropped 16 ¾ cents to $7.69 ¼, March Kansas City lost 11 ½ cents to $8.94 ½, and March Minneapolis dropped 7 ¼ cents to $9.24 ¾.
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