Wheat prices edge higher as dollar retreats

Wheat futures tilted higher in American trade as the dollar index fell according to their inverse relation, with prices rebounding from their lowest since April 10 following earlier data from the U.S., the world's second largest wheat exporter. 

As of 07:49 GMT, wheat futures due on May 15 fell 0.29% to $437.00 a bushel from the opening of $435.75, with an intraday low at $432.75, and a high at $437.75, while the dollar index skidded 0.78% to 99.51 from the opening of 100.34. 

The U.S. National Weather Service said three times the normal amount of rain would fall between Kansas and North Michigan, while storms are expected to continue in the Mid South West and Delta before moving to the Mid North West and Northern Delta by the end of the week, bolstering the outlook for winter wheat crops in the U.S. grain belt. 

On the same note, the U.S. Department of Agriculture's report this week showed U.S. wheat exports up to 0.67 million metric tonnes in the week ending April 13, compared to 0.66 million in the precious week, while wheat exports in the year ending this week rose to 23.17 million tonnes from 17.61 million in the year ending the same week of 2016.