Wheat prices shed over two percent

Wheat futures tumbled over two percent in American trade, shrugging off the dollar's fall, following earlier data from the U.S., the world's second largest wheat producer. 

As of 07:43 GMT, wheat futures due on July 15 fell 2.25% to $4.2300 a bushel from the opening of $4.3275, with an intraday low at $4.1250, and a high at $4.3100, while the dollar index fell 0.29% to 98.96 from the opening of 99.16. 

Wheat's decline comes amid speculation the damage from the recent winter storm in the U.S. wasn't as bad as feared, as a recent tour survey in Texas found the damage at 5 bushels per donam at below official forecasts. 

As of now, there's still no official estimates of the damages on the crops, which usually takes two weeks to gather all the information, with investors pricing it in from now.

Traders have also cut their positions in the week ending May 9 from 124.6 thousand contracts to 107.9 thousand.