Wheat futures drop nearly two percent

Wheat futures tumbled nearly two percent on Monday after surging two percent last week, as the dollar index settles higher according to their inverse relation, which follows earlier employment data from the U.S., the world's second largest wheat exporter.

As of 09:02 GMT, wheat futures due on March 16 shed 1.80% to $422.50 a bushel from the opening price of $430.25, with an intraday low at $422.25, and a high at $432.25, while the dollar index rose 0.16% to 99.88 from the opening of 99.71.
 
Earlier data from the world's largest economy showed the labor conditions index up to 1.3 in January from 0.6 in December, while last week, the payrolls report showed the economy has created 227 thousand new jobs in January, beating expectations handily, while the unemployment sector rose to 4.8% unexpectedly.

Average hourly earnings slowed down unexpectedly, while the Philly Federal Reserve President Patrick Harker talked about payments system in the internet age, in San Diego.