US crop futures gain as weakening dollar attracts buyers

Soy, wheat and corn futures gained in Chicago as the dollar weakened, making US crops cheaper for holders of other currencies.

Soy for May delivery rose 0.5% to US$9.345 a bushel on the CBOT at 1:14 p.m. Paris time. May-delivery corn added 0.1% to US$3.6375 a bushel and wheat increased 0.3% to US$4.805 a bushel.

The Dollar Index, which tracks the value of the greenback against currencies of six major trading partners, was down 0.2% at 80.06 at 1:21 p.m. Paris time.

Wheat also gained after Ukraine, the fifth-largest exporter, said losses to its grain crops caused by cold weather increased. The cold weather destroyed 1.6% of the grain area, compared with an earlier estimate of 0.3%, the USDA said.

Wheat plantings are 10.9% under ice, and about 1.5% has been destroyed, the ministry said. Ukraine's wheat harvest is forecast to drop to 20.9 million tonnes this year, from 25.9 million tonnes a year earlier, according to an estimate by the USDA.

Meanwhile, wheat crop conditions in Kansas, Oklahoma and Texas, the largest US growers of winter varieties, improved last week because of warmer weather, the USDA said in separate reports.

About 63% of the crop in Kansas, the top producer, was rated good or excellent as of March 14, up from 60% a week ago, the UDSA said. In Oklahoma, the second-biggest grower, 68% received the top rating, up from 65%. Texas wheat was rated 55% good or excellent, up from 45%.