Corn, Wheat Price Pop on Weak Dollar
NEW YORK (TheStreet) -- Corn and wheat futures were strengthening Monday morning on the back of broader gains in commodities.
"Grains [were] higher overnight in sympathy with an overall commodity rebound and setback in the U.S. dollar," says MF Global broker Joseph Vaclavik.
"Commodities, generally priced in dollars, become a better deal for foreign buyers when the U.S. currency weakens. The U.S. dollar index was softer by 0.07% to $74.86.
The July wheat contract was gaining 2.3% to $7.76 ¾ a bushel and at the helm of agricultural commodity leaders Monday morning. Bad planting conditions were providing a boost.
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