Wheat prices drop over one percent as dollar flexes muscles

Wheat futures tumbled over one percent as the dollar index rebounded from its lowest since early November, following earlier data from the U.S., the world's second largest wheat exporter. 

As of 08:14 GMT, wheat futures due on July 15 fell 1.09% to $4.2950 a bushel from the opening of $4.3425, while the dollar index rose 0.37% to 97.35 from the opening of 96.98. 

The U.S. Department of Agriculture's report earlier this week weighed on wheat prices, as the winter yield rate rose to good or excellent levels last Sunday to 52% from 51% in the previous week, while Kansas solid winter wheat crops were classified as good or excellent at 47%, as Oklahoma's wheat got 49%. 

According the the Kansas Industrial Wheat Group, the red winter wheat yield reflects very good results given the fact it was buried under two feet of snow in the last week of April, while a virus that preys on wheat spread out.. but news were still sparse about the impact of the recent U.S. thunder storms on crops.