Wheat futures fell over one percent in American trade off October 19 highs, on track for the fifth weekly loss in a row, the longest such streak of losses since March, as the dollar index rebounded from October 22 lows, following earlier data from the US, the world's second largest wheat producer and exporter.
As of 08:28 GMT, wheat futures due in December fell 1.13% to $5.020 away from three-week highs, while the dollar index rose 0.22% to 96.93.
USDA Reports Inspections, Sales
Last Tuesday, the US Department of Agriculture reported inspection of 327.2 thousand tonnes of wheat product destined for export in the week ending November 1, down from 393.9 thousand in the previous week, with total inspected product now amounting to 8.94 million tonnes, down from 11.4 million in the same period of last year.
Wheat sales amounted to 582.5 thousand tonnes in the week ending October 25, up 32% from the previous week, and 41% from four-week averages.
The USDA also recently reported that inventories for the current marketing year will be the highest ever on record.
US Inflation Data
Earlier US data showed producer prices rose 0.6% m/m in October, the fastest such pace since January 2017, and beating estimates of 0.2% handily.
Core prices, excluding fuel and food, rose 0.5%, the best since April 2015, and beating expectations of 0.2%.
University of Michigan released its preliminary reading for the consumer sentiment survey, showing a dip to 98.3 in November from 98.6, while edging estimates of 98.
Finally, business inventories rose 0.3% according to the final reading in September, compared to a 1% increase in August.
The Federal Open Market Committee voted at the November 7-8 policy meeting to hold overnight interest rates unchanged between 2.0% and 2.25% as expected by analysts.