Wheat prices fall off four-month high

Wheat futures fell over one percent in American trade away from the highest since September 29 and to the lowest since January 26, as the dollar index hit a one-week high, following earlier data from the US, the world's second largest wheat exporter. 

As of 08:35 GMT, wheat futures due on March 15 fell 1.45% to $4.4025 from the opening of $4.4675, while the dollar index rose 0.31% to 89.47 from the opening of 89.19. 

Earlier US data showed the Markit Services PMI dipped to 53.3 in January as expected from 53.7 in December. 

ISM services PMI jumped to 59.9 in January from 55.9 in December, beating expectations of 56.5 with a wide margin.

The US Department of Agriculture recently released its monthly report on wheat inventories, expecting them to reach 959 million bushels in the marketing year ending May 31, while forecasting the harvesting of 31.3 million acres of winter wheat, with the inventory projections up 29 million bushels from previous forecasts.