With the U.S. dollar falling and investors fleeing equities, the commodity market surged today as many of the dollar-denominated commodities enjoyed a significant uptick. Wheat was part of the swing.
Wheat futures in the U.S. increased by 5 percent Wednesday, moving up from its lowest level in over a year.
December wheat futures on the CBOT ended at $7.25-3/4 a bushel, up 35-3/4 cents, a 5.18 percent move upwards.
Even the news that Egypt decided to buy 205,000 tons of wheat from Ukraine and Russia wasn't enough to pressure the grain, as numerous economic factors lined up to give it a solid push forward.
High global wheat inventories have been putting downward pressure on wheat prices recently.
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