Wheat closes lower despite Russian ban

Wheat prices fell on Wednesday, as the US dollar held steadily against most major currencies, despite the workers' strike in Argentina and the Russian ban on exports.

The Russian government announced a ban on exports of some agricultural goods and grains, including wheat, between January and June of this year, to reduce prices in the domestic market.

Negotiations between government officials and the trade union in Argentina are continuing to end the strike that is now taking almost a month and impacting Argentine exports.

However, there have been rain in some areas in Argentina and Brazil, while analysts expect a forthcoming dry weather.

The dollar index held against a basket of major currencies at 89.4 points as of 21:35 GMT, after hitting a high of 89.8 points and a low of 89.2 points.

Wheat March futures fell 1% to $6.47 a bushel, after hitting a day high of $6.60 and a low of $6.46.