Wheat prices shed nearly one percent as eyes fixed on Fed's minutes

Wheat futures slid nearly one percent in American trade as the dollar index rose to a 14-year high according to their inverse relation, following a spate of data from the U.S., and ahead of the release of Fed's last meeting minutes. 

As of 08:58 GMT, wheat futures due on December 16 fell 0.82% to $423.75 a bushel from the opening of $427.25, with an intraday low at $417.50, and a high at $427.75, while the dollar index rose 0.60% to 101.65 to 100.98. 

Earlier data from the world's largest economy showed durable goods orders, which represent half the consumer spending, in turn representing two thirds of American GDP, rose 4.8% in October, compared to September's 0.3% drop, and beating expectations of a 0.3% rise, while core orders rose one percent, up from 0.1% and beating forecasts of a 0.2% rise. Unemployment claims rose to 251 thousand in the week ending November 19, above expectations of 241K, and compared to the previous reading's 235K, while continuing claims for the week ending November 12 rose to 2.040 million from 1.977M, above expectations of 2.014M. 

Additionally, U.S. manufacturing PMI rose to 53.9 in November, besting expectations of 53.6, while October's reading was revised higher to 53.4 from 53.2. New home sales fell to 563 thousand inits in October from September's 593K, while analysts expected 591K, while finally, the UoM survey for U.S. consumer confidence rose to 93.8 in November from 91.6, while analysts also expected 91.6. 

Markets now await the Federal Reserve's minutes for the November 1-2 meeting, when members kept overnight interest rates unchanged at between 0.25% and 0.50% for the seventh meeting in a row, while hinting at a soon rate hike, raising expectations of a December hike.