Lates News

Due to the recent decline in the US dollar boosting expectations for demand for US agricultural products, Chicago wheat prices saw their biggest increase since November last year, while corn and soybeans also rose. After Trump said he was not concerned about the depreciation of the domestic currency, the US dollar index fell to its lowest level in nearly four years. At the same time, Trump said on Tuesday in the corn-producing state of Iowa that he believed the House and Senate could eventually reach an agreement to expand the nationwide sale of gasoline blended with 15% ethanol (E15). The weakening of the US dollar has enhanced the competitiveness of US agricultural products in the international market, which is currently dominated by lower-priced Brazilian soybeans and Russian wheat. The Hightower Report pointed out in a report on Wednesday that "recent exchange rate fluctuations have fueled subtle bullish sentiment." The organization believes that the government "may have already recognized that the best way to maintain the competitiveness of US physical exports is to weaken the US dollar." However, there is still uncertainty about when or if the US will allow year-round sales of E15 and how much demand will increase. Last week, a related bill failed to pass legislators and instead a Rural Domestic Energy Commission was established to study the issue and lay the groundwork for future legislation.