Wheat prices shed 2% as dollar hits 2018 highs

Wheat futures fell over two percent in American trade away from July 12, 2017 highs, as the dollar index hit December 28 highs, following earlier data from the US, the world's second largest wheat exporter. 

As of 07:58 GMT, wheat futures due on July 15 fell 2.18% to $5.2625 from the opening of $5.38, while the dollar index added 0.21% to 92.61 from the opening of 92.41. 

Earlier US data showed the unemployment rate fell to late 2000 lows at 3.9%, as analysts expected 4%, while average hourly earnings slowed down to 0.1% from 0.2%. 

Non-farm payrolls increased 164 thousand in April, up from 135K in March, revised from 103K, while missing forecasts of 190K. 

The US Department of Agriculture reported that wheat sales in the week ending April 26 dipped 0.21% to 234.8 thousand tonnes to 297.2 thousand, while analysts expected between 100 and 300 thousand tonnes for new crops. 

Mexico came at the top of the buyers list with 70 thousand tonnes, then South Korea at 50 thousand, Chile at 34K, Guatemala at 23K, while the Philippines cancelled a 47K order.