Wheat prices fell on Wednesday, as the US dollar against most currencies, amid focus on the weather conditions in South America, especially Brazil and Argentina.

Agricultural commodities drew support this week from optimism about the global economy and demand, after Pfizer and the German biotech firm BioNTech announced that their vaccine was more than 90% effective in preventing the coronavirus.

Investors in agricultural commodities are following the weather conditions in southern Brazil and northern Argentina.

Traders and analysts forecast a drop in areas planted of grain in South America due to dry weather.

The dollar index rose against a basket of major currencies by 0.3% to 93.04 points as of 21:24 GMT, after hitting a high of 93.1 points and a low of 92.6 points.

Wheat December futures fell 1.7% to $5.98 per bushel, with a day high of $6.13, and a low of $5.95.

The major US stock indices closed mixed on Wednesday, as Dow Jones slipped after two sessions of gains, while Nasdaq and S&P 500 closed higher.

This came amid uncertainty about the US presidential elections after the incumbent president Donald Trump's calls to recount, as he claims that some states have witnessed fraud.

The US Department of Justice has allowed today large-scale investigations on alleged irregularities in several states, and a hand began in Georgia and Alaska.

Global markets are optimistic about a near launch of multiple promising Covid-19 vaccines, which raised hopes about a final end to the crisis that impacted the global economy.

To the oil market, WTI crude December futures rose 0.2%? and closed at $41.45 a barrel, after hitting a high of $43.06 and a low of $41.4.

Brent January futures rose 0.4% or 19 cents, and closed at $43.8 a barrel, after hitting a high of $45.3 and a low of $43.6.

As for stocks, Dow Jones slipped less than 0.1% or 23 points, and closed at 29,397, with a day high of 29,593, and a low of 29,281.

Nasdaq rose 2% or 232 points to 11,786, with a high of 11,793 and a low of 11,639.

S&P 500 rose 0.8% or 27 points to 3,572, after hitting a high of 3,581 and a low of 3,557.

The Japanese yen fell against the US dollar on Wednesday, as investors eschewed safe havens, including precious metals and the Japanese yen.

This came despite the renewed uncertainty about the US presidential elections after the incumbent president Donald Trump's calls to recount, as he claims that some states have witnessed fraud.

The US Department of Justice has allowed today large-scale investigations on alleged irregularities in the presidential election.

Trump expressed his confidence in winning the election, despite opinion polls in favor of the Democratic candidate Joe Biden's victory.

Global markets drew support this week after Pfizer and the German biotech firm BioNTech announced that their vaccine was more than 90% effective in preventing the coronavirus.

As of 21:06 GMT, USD/JPY rose 0.1% to 105.4, after hitting a day high of 105.6 and a low of 105.01.

Gold prices fell on Wednesday, as the US dollar rose against most of its major rivals, amid focus on the latest developments in the US election.

The states of Georgia and Alaska announced that the incumbent US President Donald Trump is leading in the election race after a decision for a full hand recount of the votes.

This came after President Trump's calls to recount, and his questioning of the election integrity, as he claims that some states have witnessed fraud.

The dollar index rose against a basket of major currencies by 0.3% to 93.04 points as of 20:43 GMT, after hitting a high of 93.1 points and a low of 92.6 points.

Gold December futures fell 0.8% or $14.80, and closed at $1,861.60 an ounce, with a day high of $1,882.5 and a low of $1,853.9.