Wheat futures rise for first time in eight sessions

Wheat futures rose over one percent in American trade as the dollar index dipped for the first time in six sessions, following an array of data from the US, the world's second largest wheat exporter, while the Federal Reserve's policy meeting drew to an end in Washington

As of 07:13 GMT, wheat futures due on March 15 rose 1.16% to $4.1550 from the opening of $4.1075, while the dollar index slipped 0.21% to 93.90 from the opening of 94.10. 

US consumer prices rose 0.4% in November in line with expectations, up from 0.1% in October, while core prices, excluding food and fuel, rose 0.1%, missing expectations of 0.2%. 

On a yearly basis, consumer prices accelerated to 2.2% as expected from 2.0% in October, while core prices slowed down to 1.7% from 1.8%. 

Now markets look forward to US President Donald Trump's speech on tax reforms in the US Treasury Department in Washington, while the Federal Open Market Committee's last 2017 meeting draws to an end today, with policymakers expected to unveil their three-year forecasts for inflation, growth, unemployment, and interest rates, while also expected to hike rates by 25 basis points for the third time this year.

The US Department of Agriculture reported earlier this week that wheat inventories could reach 960 million bushels, up from 935 million in previous forecasts, while analysts put them at 938 million bushels.