Wheat prices shed over one percent in American trade

Wheat futures fell over one percent in American trade, shrugging off the dollar's dip, which follows the statistical survey in Canada, the world's largest wheat exporter, which showed yield rising by 15% to 31.7 million tonnes, besting expectations of 30.7 million, and amid a lack of data from the U.S., the world's second largest wheat exporter.
 
As of 08:22 GMT, wheat futures due on March 12 fell 1.60% to $400.25 a bushel from the opening price of $406.75, with an intraday low at $399.50, and a high at $407.50, while the dollar index shed 0.19% to 100.30 from the opening of 100.55.
 
On another note, Australia, one of the world's biggest wheat exporters, announced its official forecasts for wheat yield in the agriculture year of 2016\2017 at 32.64 million tonnes, while markets await the next official report from the U.S. agriculture ministry, after the last report forecast a drop of 1.7 million acres in the are dedicated for wheat agriculture to a total of 48.5 million acres, and for the yield to fall yo 1.94 million bushels, the lowest in 11 years.