Wheat futures rallied over three percent in American trade past August 8 highs as the dollar index dipped for the first time in seven sessions, amid a lack of data from the US, the world's second largest wheat exporter.
As of 08:18 GMT, wheat futures due on March 15 rose 3.34% to $4.640 from the opening of $4.490, while the dollar index slipped 0.29% to 90.18 from the opening of 90.44.
The US Department of Agriculture released its monthly report on wheat inventories for the marketing year ending next May 31, forecasting 1,009 million bushels, up from 989 million in January forecasts, as exports projections fell to 950 million from 975 million.
The USDA reported total wheat sales in the week ending February 1 at 393.4 thousand tonnes, up 36% from the previous report, and 67% from the four-week average, with Mexico at the top of the buyers list at 106.4 thousand tonnes, followed by South Korea at 79.4 thousand tonnes.
Then Indonesia at 74.4 thousand tonnes, and Nigeria and Japan at 34 thousand and 33.5 thousand respectively, while unknown buyers accounted for 57.4 thousand tonnes.