Wheat closes over 5% higher after USDA report

Wheat prices rose on Wednesday, as demand for agricultural commodities rebounded in the Chicago Merc following the US Department of Agriculture's report.

The USDA revealed that US stocks of soy, corn and wheat have fell compared to a year ago.

The Department added that US soybean stocks reached 523 million bushels, lower by 42% from September 1, 2019.

Corn stocks also fell 10% to 2 billion bushels compared to the same period 2019.

While wheat stocks fell 8% to 2.16 billion bushels, which was unexpected in the market and pushed the prices higher.

The dollar index held against a basket of currencies at 93.9 points as of 21:53 GMT, after hitting a high of 94.1 and a low of 93.6.

Wheat December futures rose 5.25% to close at $5.78 per bushel, after hitting a day high of $5.87 and a low of $5.47.