Wheat prices rebound from year lows

Wheat futures rose in American trade away from the lowest since January 4 for the third session out of five, marking a December 8 high, as the dollar index lost ground, following earlier data from the US, the world's second largest wheat exporter. 

As of 09:11 GMT, wheat futures due on March 15 rose 0.54% to $4.2050 from the opening of $4.1825, while the dollar index fell 0.26% to 93.69 from the opening of 93.93. 

Earlier US data showed the NAHB Housing Market Index rose to 74 in December from 69, revised from 70, and beating expectations of 70. 

Now investors await the highly anticipated tax vote in Congress, which could lead to a cut in the corporate tax rate to 21% from 25% before the end of 2017. 

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.