Wheat heads for third monthly decline in a row after data

Wheat futures tilted higher in American trade while still off July 2015 highs for the third straight month, as the dollar index scaled June 2017 highs, following earlier data from the US, the world's second largest wheat producer and exporter. 

As of 07:58 GMT, wheat futures due in December rose 0.15% to $5.005, while the dollar index rose 0.07% to 97.08, marking 16-month highs. 

Earlier US data showed the private sector created 227 thousand new jobs in October, up from 218 thousand in September, and beating estimates of 188K. 

Labor unit costs rose 0.8% in the third quarter, up from 0.6% in the second, and besting estimates of 0.7%. 

The Chicago PMI receded to 58.4 from 60.4 in September, missing estimates of 60.1. 

USDA Reports Inspections 

The US Department of Agriculture reported inspections on 395.3 thousand tonnes of wheat product destined for export in the week ending October 25, up from 387 thousand in the previous week, with total inspected product amounting to 8.61 million tonnes in the current marketing year, down from 11.1 million in the same period of last year. 

Last week, the USDA reported wheat sales due for the marketing year 2018-2019 at 442.6 thousand tonnes in the week ending October 18, down slightly from 476 thousand in the previous week. 

an unknown client bought 175.2 thousand tonnes, then Mexico at 84.8 thousand, Italy and Panama at 52.5K and 24.9K respectively. 

The USDA also reported on Thursday that inventories for the current marketing year will be the highest ever on record.