Wheat prices rally nearly two percent before the weekend

Wheat futures rose nearly two percent in American trade, shrugging off the dollar's rise, which follows a spate of data from the U.S., the world's second largest wheat producer.
 
As of 09:23 GMT, wheat futures due on March 16 rose 1.96% to $416.25 a bushel from the opening price of $408.25, with a session-high at $417.00, and a low at $403.75, while the dollar index rose 0.59% to 101.59 from the opening of 101.11.
 
Earlier data from the world's largest economy showed the University of Michigan's consumer confidence index up to 98.0 from 93.8 in November, besting expectations of 93.8, while the current economic conditions survey rose to 112.1 from 107.3, as economic expectations rose to 88.9 from 85.2. Consumer expectations of one-year inflation fell to 2.3% from 2.4%, while falling to 2.5% from 2.6% for five-year inflation. Finally, wholesale inventories fell 0.4% in October, same as before and matching expectations.
 
On the same note, Canada's statistical survey for wheat yield showed a surge of 15% last year to 31.7 million tonnes, besting expectations of 30.7 million, while Australia forecast wheat yield for the agriculture year of 2016\2017 to rise to a record 32.64 million tonnes.