Wheat futures slump four percent

Wheat futures slumped nearly four percent away from the highest since July 20, 2015, even as the dollar index slid for the first time in five sessions, following earlier data from the US, the world's second largest wheat exporter. 

As of 08:19 GMT, wheat futures due on September 15 plummeted 3.75% to $5.3900 from the opening of $5.6000, while the dollar index slid 0.51% to 95.80 from the opening of 96.29. 

Wheat futures was buoyed yesterday by the weekly US Department of Agriculture's report, which was delayed due to the Independence Day holiday on Tuesday, and at which the classifications of spring wheat were dropped by 3% to 37% as good to excellent from 40% in the previous week, sending prices to two-year highs before sliding on profit-taking today.