Wheat futures surge three percent

Wheat futures surged three percent as the dollar index gave up ground, following earlier data from the US, the world's second largest wheat producer. 

As of 07:32 GMT, wheat futures due on July 15 rose 2.83% to $4.8225 from the opening of $4.7075, while the dollar index fell 0.29% to 97.15 from the opening of 97.43. 

Wheat prices benefited from forecasts of more dry weather in the US in the next two weeks, while temperature is forecast to rise in the weekend, with a positive start for the wheat marketing year of 2017-2018 this month, while the US Department of Agriculture said 373.4 thousand tonnes of winter wheat were sold by early June. 

Earlier US data showed building permits and housing starts down unexpectedly in May, while the preliminary reading for the University of Michigan consumer sentiment survey fell unexpectedly in June, as investors followed Federal Reserve Bank of Dallas President Robert Kaplan's speech at the Rotary Club of Park Cities, in Dallas to gather any clues about the future of monetary policy.