Wheat futures drop 1% as dollar strengthens

Wheat futures shed nearly one percent in American trade as the dollar index rose to the highest since July 20, following a basket of data from the US, the world's second largest wheat exporter, and after a speech by Fed Governor Randal Quarles and Chair Janet Yellen. 

As of 09:58 GMT, wheat futures due on December 15 declined 0.81% to $4.2725 from the opening of $4.3075, while the dollar index added 0.16% to 94.91 from the opening of 94.74. 

Earlier US data showed JOLTS Job Openings steadied at 6.09 million in September, same as August's reading, while analysts expected a dip to 5.98 million.

Otherwise, Federal Reserve Governor Randal Quarles spoke at The Clearing House Annual Conference, in New York, while Federal Reserve Chair Janet Yellen delivered acceptance remarks at the presentation of the Paul H. Douglas Award for Ethics in Government, in Washington DC

The US Department of Agriculture's report on global demand and supply for October raised forecasts for wheat inventories in the year ending August 2018 to 960 million bushels from 933 million in September forecasts, while analysts expected 944 million bushels.