Wheat prices settle higher in American trade

Wheat futures titled higher in American trade, shrugging off the dollar's rise, which follows earlier data from the U.S., the world's second largest wheat exporter, and as the Federal Open Market Committee starts its periodic meeting in Washington.
 
As of 08:13 GMT, wheat futures due on March 16 rose 0.54% to $419.50 a bushel from the opening price of $417.25, with an intraday high at $420.75, and a low at $414.00, while the dollar index rose 0.04% to 101.07 from the opening of 100.89.
 
Earlier data from the world's largest economy showed import prices down 0.3% in November, marching expectations and down from a 0.4% rise in October, while on a yearly basis, prices fell 0.1%, compared to a 0.3% fall in October, while analysts expected no-change.
 
Now markets shift their eyes on the FOMC meeting taking place today and tomorrow, with policymakers expected to announce their forecasts for growth, unemployment, inflation, and interest rates for the next three years, while analysts expect a rate hike of 25 basis points.