Wheat futures climb after bullish USDA report

Wheat futures rose in American trade as the dollar index gave up ground, following earlier data from the US, the world's second largest wheat exporter. 

As of 08:40 GMT, wheat futures due on December 15 rose 0.40% to $4.4250 from the opening of $4.4075, while the dollar index shed 0.24% to 93.40 from the opening of 93.62. 

Earlier from the US, University of Michigan released its preliminary reading for the consumer sentiment survey, which came at 97.6 in August, compared to July's 93.4, and comfortably beating expectations of 94.0. 

The current economic conditions index in the same survey fell to 111.0 from 113.4, while the economic outlook index rose to 89.0 from 80.5 last month. 

Inflation outlook for one year steadied at 2.6%, the same as July, while five-year inflation outlook fell to 2.5% from 2.6%, and finally, Federal Reserve Bank of Dallas President Robert Kaplan spoke at the Dallas County Community College, where he expressed his belief GDP growth will be above 2% this year. 

Otherwise, the US Department of Agriculture's weekly report showed wheat sales rose in the marketing year starting last June to 633.6 thousand tonnes, a surge of 37% from the week ending August 10, and up 43% from the last four-week average.