Wheat futures open the week higher

Wheat futures rose over one percent in American trade, shrugging off the dollar's rise, amid a lack of data from the U.S., the world's second largest wheat exporter, before Fed Chair Janet Yellen's biannual testimony ahead of congress regarding the monetary policy.
 
As of 08:08 GMT, wheat futures due on March 16 rose 1.11% to $454.00 a bushel from the opening price of $447.75, with an intraday high at $456.00, and a low at $444.25, while the dollar index added 0.24% to 101.04 from the opening of 100.82.
 
Earlier, the Australian agriculture office released its report on economic resources and countryside sciences, showing the final production for the world's fourth largest wheat exporter after the crop season in December 2016 at 35.13 million tonnes in the 2016/2017 season, breaking the previous Australian record at 29.9 million tonnes in 2011/2012, with the production rising about 11 million tonnes from the previous season.
 
On the same note, the U.S. agriculture ministry downgraded its forecasts for Russia wheat exports to 28.5 million tonnes, shrinking the gap between the U.S. and Russia, the world's largest wheat exporter after passing America in the 2015/2016 season due to the collapse in the Russian ruble while their exports reached record highs  back then, while U.S. exports are expected to rise 5.8% to 27.5 million tonnes.

As the Russian ruble rises to its highest since mid-2015 and other currencies suffer steep decline in Russian-wheat importing countries, specially in Egypt and Turkey, it would raise the cost for these countries, in turn opening the door for America to return on top again.