Wheat futures rise 1% as dollar dips

Wheat futures rose nearly one percent in American trade away from January 4 lows, and marking the highest since December 8, as the dollar index lost ground, following earlier data from the US, the world's second largest wheat exporter. 

As of 09:58 GMT, wheat futures due on March 15 rose 0.95% to $4.2350 from the opening of $4.1950, while the dollar index shed 0.13% to 93.32 from the opening of 93.44, marking December 5 lows. 

Earlier US data showed existing home sales rose 5.6% in November to annualized 5.81 million units, compared to a 2.4% rise in October to 5.48 million, while analysts expected a 0.9% rise to 5.53 million. 

Today, Congress passed the massive tax reform bill supported by President Donald Trump in a major win for the Republican Party. 

The US Department of Agriculture reported last week that wheat inventories could reach 960 million bushels, up from 935 million in previous forecasts, while analysts put them at 938 million bushels.