Wheat declines nearly 1% as dollar advances

Wheat futures fell nearly one percent in American trade as the dollar index rose, following earlier data from the US, the world's second largest wheat exporter. 

As of 08:53 GMT, wheat futures due on March 15 slid 0.74% to $4.3525 from the opening of $4.3850, while the dollar index rose 0.32% to 93.19 from the opening of 92.88. 

Earlier US data showed factory orders fell 0.1% in October, beating expectations of a 0.3% decline, and compared to September 1.7% rise, revised higher from 1.4%, while the US Senate passed a massive tax reform bill early Saturday,  aiming to cutting corporate taxes from 35% to 20% in order to spur growth and investments. 

The US Department of Agriculture projected last week a total acreage of 45.0 million acres for wheat harvest, down by a million from a year low, while output could reach 1,815 million bushels, up 74 million bushels. 

Otherwise, the USDA reported earlier last month that wheat inventories could reach 935 million bushels, down from 960 million in previous forecasts, while analysts put them at 957 million, while the USDA raised exports projections by 25 million bushels to $1.0 billion due to recent red winter wheat sales to Iraq.