Wheat prices plummet over four percent

Wheat futures fell over four percent as the dollar index rose, according to their inverse relation, which follows some data from the U.S., the world's largest wheat producer and exporter. 

As of 07:11 GMT, wheat futures due on December 16 slumped 4.01% to $406.75 a bushel from the opening price of $422.25, with an intraday high at $424.50, and a low at $405.00. 

On the other hand, the dollar jumped to 95.38 against a basket of six major counterparts from the opening of 94.70, with a session-low at 94.25. 

Earlier data from the world's largest economy showed the second reading for GDP growth at 1.1% in the second quarter, matching expectations and below the first reading of 1.2%, while the second reading for GDP prices rose to 2.3% from the first reading's 2.2%. Consumer spending also rose 4.4%, up from 4.2% in the first reading, while wholesale inventories rose 0.2%, same as June's. The goods trade balance registered a deficit of $59.3 billiob in July, down from $64.5B in June, but above forecasts of $53.0. 

Also today, Fed Chair Janet Yellen talked in Jackson Hole about the chances of a rate hike soon, pointing to the economy's march towards the Fed's targets on inflation and unemployment, but asserted the banks' reliance of data and not a rigid path. 

Yellen also said a gradual tightening of policy is the most appropriate for the coming period, amid expectations for inflation to reach 2% in the next few years, as family spending supports the economy and offsets the weak investment sector, while traders now await the FOMC meeting on Setepmnber 20-21 to see the Fed's forecasts for inflation, growth, unemployment and interest rates for the next three years. 

Finally, the UoM survey on consumer confidence fell to 89.8 from 90.4 in July, missing expectations of 90.6.