Wheat futures bashed lower by USDA inventory report
2018-01-12 20:23:29 GMT (Economies.com)
Wheat futures bashed lower by USDA inventory report

Wheat futures tumbled three percent to December 20 lows even as the dollar index plumbed early-2015 lows, following earlier data from the US, the world's second largest wheat exporter. 


As of 07:48 GMT, wheat futures due on March 15 fell 2.94% to $4.2050 from the opening of $4.3325, while the dollar index shed 0.94% to 90.98 from the opening of 91.85. 


Earlier US data showed US retail sales rose 0.4% m/m in December, slowing down sharply from 0.9% in November, revised from 0.8%, while analysts expected a 0.5% increase. 


Core sales rose 0.4%, besting expectations of 0.3%, while still sharply down from November's 1.3% increase, revised from 1%.


US consumer prices rose 0.1% in December in line with expectations, slowing down from 0.4% in November. 


Core prices, excluding food and fuel, rose 0.3% m/m, besting expectations of 0.2%, and up from November's 0.1% rise. 


The US Department of Agriculture released its monthly report on wheat inventories, expecting for them to reach 959 million bushels in the marketing year ending May 31, while forecasting the harvesting of 31.3 million acres of winter wheat, with the inventory projection up 29 million bushels from previous forecasts. 


US President Donald Trump spoke about the agriculture law and the NAFTA trade deal and other issues to that pertain to grain production during a speech today, expressing his support for a law to includes insuring harvests and pointing to the recent Republican-passed tax reform law as a great source of tax cuts for farmers. 

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