CHICAGO (Commodity Online): US Wheat futures close higher as weakness in the dollar supports prices. Soft dollar fuels expectations for increased export demand, as it makes US commodities look more attractive to foreign buyers.
Yet, the decline in USD won't make up for a gap in prices with wheat from the Black Sea region, traders say. Russian and Ukrainian exporters offer Wheat at a sharp discount and are expected to steal more business from the US.
CBOT September wheat rises 3 1/2c to $6.97 a bushel; KCBT September jumps 16c to $7.94; MGEX September gains 19 3/4c to $8.52 3/4.
