Wheat prices shed over one percent ahead of the weekend

Economies.com
2017-01-27 19:17PM UTC

Wheat futures fell over one percent in American trade as the dollar index rose according to their inverse relation, which follows a basket of data from the U.S., the world's second largest wheat exporter.
 
As of 08:03 GMT, wheat futures due on March 16 fell 1.29% to $421.50 a bushel from the opening of $427.00, with a session-low at $419.25, and a high at $427.50, while the dollar index rose 0.29% to 100.67 from the opening of 100.50.
 
Earlier U.S. data showed the economy growing 1.9% in the fourth quarter, missing expectations of a 2.1% growth, while the previous reading was revised higher to 3.5% from 2.9%.
 
Durable goods orders fell 0.4% in December m/m, compared to a 4.5% tumble in November, revised from 4.6%, while core orders - excluding transportation-  rose 0.5%, matching expectations and down from 0.6% in November, revised higher from plus 0.5%.

Finally, the University of Michigan's consumer confidence index rose to 98.5 in January from 98.1, besting expectations of 98.2.

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