Wheat prices settle lower before the weekend

Wheat futures tilted lower in American trade, shrugging off the dollar's dip according to their inverse relation, which follows a spate of data from the U.S., the world's second largest wheat exporter.
 
As of 08:20 GMT, wheat futures due on March 16 fell 0.47% to $424.25 a bushel from the opening price of $426.25, with an intraday low at $419.25, and a high at $426.75, while the dollar index fell 0,08% to 101.27 from the opening of 101.51.
 
Earlier data showed the Producer Price Index up 0.3% in December, besting expectations of a 0.1% rise, but below November's 0.4% rise, while core prices rose 0.2%, down from 0.4% in the previous reading, and missing expectations of a 0.3% rise.

Retail sales rose 0.6% in December, beating expectations of a 0.5% rise, and compared to November's 0.1% advance, while core sales on the other hand rose 0.2%, down from 0.3% before and below expectations of a 0.5% rise.

Additionally, business inventories on the other hand rose 0.7% in November, compared to October's 0.1% dip, while analysts expected a 0.3% rise.

Finally, the University of Michigan index tracking U.S. consumer confidence fell to 98.1 in January from 98.2, missing expectations of 98.6, while the current economic conditions index roe to 112.5 from 111.9, as the economic expectations index rose to 2.6% from 2.2%, while consumers' expectations for one-year inflation rose to 2.6% from 2.2%, and rose for five-year inflation to 2.5% from 2.3% in December.