Wheat futures shed one percent

Wheat futures fell over one percent in American trade as the dollar index rebounded from the lowest since September 26, following earlier data from the US, the world's second largest wheat exporter. 

As of 09:35 GMT, wheat futures due on March 15 declined 1.50% to $4.2825 from the opening of $4.3475, while the dollar index added 0.14% to 92.91 from the opening of 92.78. 

Earlier US data showed new home sales rose 6.2% in October to an annualized 685 thousand units, compared to a 14.2% surge in September to 645 thousand, while analysts expected a 6.1% drop to 627 thousand. 

Otherwise, the US Department of Agriculture reported an 8% drop in US wheat exports since the start of the marketing year in June. 

The USDA reported that total wheat exports in the week ending November 16 amounted to just 199.8 thousand tonnes, with Japan at the top with 68.3 thousand tonnes, then Algeria at 62.0 thousand, and Mexico at 42.7 thousand, then Morocco, Singapore, and Philippines at 30.0K, 21.0K, and 13.7K respectively. 

Otherwise, the US Department of Agriculture reported earlier this month that wheat inventories could reach 935 million bushels, down from 960 million in previous forecasts, while analysts put them at 957 million, while the USDA raised exports projections by 25 million bushels to $1.0 billion due to recent red winter wheat sales to Iraq.