Wheat prices drop nearly one percent before the weekend

Wheat futures fell nearly one percent in American trade, shrugging off the dollar's dip, which follows a spate of data from the U.S., the second largest wheat exporter.
 
As of 07:46 GMT, wheat futures due on March 16 slid 0.73% to $406.25 a bushel from the opening of $409.25, with an intraday low at $404.50, and a high at $410.50, while the dollar index fell 0.19% to 102.82 from the opening of 103.08.
 
Earlier data from the world's largest economy showed building permits down 4.7% in November to 1.201 million units, compared to a 2.9% rise in October to 1.260M, while analysts expected a 1.6% fall to 1.240M. Housing starts fell 18.7% to 1.090 million units, compared to a 27.4% surge in October to 1.340M, while analysts expected a 7.0% drop to 1.230M.
 
Two days ago, members of the Federal Open Market Committee voted to increase overnight interest rates by 25 basis points for the first time since the December 15-16 meeting of 2015, to a range of 0.50% and 0.75%, while revising their forecasts upwards for growth and inflation, and downwards for unemployment and interest rates for the next three years.