Wheat on track for second weekly profit as dollar trades flat

Wheat futures jumped nearly two percent in American trade as the dollar index traded mostly flat, following earlier data from the US, the world's second largest wheat exporter, and amid dry weather in southern America. 

As of 07:58 GMT, wheat futures due on July 15 rose 1.84% to $4.9850 from the opening of $4.8950, while the dollar index inched down 0.04% to 91.52 from the opening of 91.56. 

Earlier US data showed the GDP grew 2.3% in the first quarter, down from 2.9% in the fourth quarter of 2017, while beating forecasts of 2%, while GDP prices slowed down to 2% from 2.3%, missing forecasts of 2.2%. 

Personal spending slowed down to 1.1% as expected from 4% in the fourth quarter, while core spending accelerated to 2.5% from 1.9%, matching forecasts, as labor unit costs rose 0.8%, above forecasts of 0.7%. 

University of Michigan released the second and final reading for its consumer sentiment survey, showing an increase to 98.8 from the preliminary reading's 97.8, beating forecasts of 98 while still below 101.4 in March. 

The US Department of Agriculture reported wheat sales rose to 297.2 thousand tonnes in the week ending April 19, above the previous week and the same period of 2017, while analysts expected less than 200 thousand tonnes.