Wheat prices drop over one percent in American trade

Wheat futures fell over one percent in American trade as the dollar index rose, according to their inverse relation, which follows a stream of data from the U.S., the world's second largest wheat exporter.
 
As of 09:24 GMT, wheat fuutres due on March 16 shed 1.47% to $402.75 a bushel from the opening price of $406.75, with an intraday low at $402.25, and a high at $414.00, while the dollar index rose 0.55% to 101.49 from the opening of 100.97.
 
Earlier data showed U.S. private sector jobs up by 216 thousand in November according to the ADP index, blowing past expectations of 161K, and way better than October's 147K, as markets await the official payrolls report later this week, expected to show 165K new jobs this month, and for the unemployment rate to stay at 4.9%.

Additional data showed personal income up 0.6% in October, beating forecasts of 0.4%, and above September's 0.3% rise, but personal spending rose just 0.3%, below expectations and September's reading of 0.5%. Pending home sales rose just 0.1%, down from 0.4% in September, and missing expectations of 0.3%.

Finally, the U.S. agriculure ministry expects the area dedicated gor wheat agriculutre to fall by 1.7 million acres next year to 48.5 million acres, for the wheat yield to dip to 1.94 billion bushels, the lowest in 11 years.