Wheat futures give up one percent

Wheat futures fell over one percent in American trade away from the highest since October 9, as the dollar index gained ground, following earlier data from the US, the world's second largest wheat exporter. 

As of 09:08 GMT, wheat futures due on March 15 slid 1.13% to $4.3850 from the opening of $4.4350, while the dollar index rose 0.43% to 94.07 from the opening of 93.66.

The US CB leading index rose 1.2% in October past expectations of a 0.6% rise, compared to a 0.2% decline in September, while markets look forward to news regarding the ongoing discussions on the tax reform bill in Congress. 

Otherwise, the US Department of Agriculture reported last week 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 due to recent red winter wheat sales to Iraq.