US wheat futures ended mixed on Tuesday, following gains in crops such as corn and soybeans as late selling weighed on the markets and traders speculated a drop in the dollar will boost demand for U.S. exports.
Wheat futures for March delivery rose 4 1/2 cents to $9.07 1/2 a bushel on the Chicago Board of Trade. Minneapolis Grain Exchange March wheat fell 10 1/4 cents to $10.42 while the Kansas City Board of Trade March wheat slipped 6 1/2 cents to $9.09 1/4 per bushel.
The UBS Bloomberg Constant Maturity Commodity Index rose as much as 2.5 percent to a record high, led by gains in soybean, copper and coffee. The dollar fell against a basket of six major currencies, down 10 percent in the past year, adding to investors concern that inflation is accelerating. During late afternoon trading, the euro was at $1.4707, up from $1.4696 late Monday in New York.
Advance export sales of U.S. wheat are up 75 percent since June 1 compared with the same period a year earlier, Department of Agriculture data show.
The trade is currently waiting for the USDA to release a crop report at 8:30 a.m. EST Friday. Traders expect the report to reflect a growth in winter wheat seeding from last year after wheat futures hit new all-time highs in 2007.