Wheat prices sink nearly three percent

Wheat futures shed nearly three percent in American trade as the dollar index surged to an eight-month high according to their inverse relation, which follows some data and developments from the U.S., the world's largest wheat producer and exporter. 

As of 08:07 GMT, wheat futures due on December 16 slid 2.90% to $402.50 a bushel from the opening price of $414.50, with an intraday low at $400.75, and a high at $416.75. 

On the other hand, the dollar index, tracking the U.S. currency's performance against an array of six major rivals, rose to 98.76 from 98.67, with an intraday low at 98.54, and the highest since February at 98.85. 

Earlier data from the world's largest economy showed the manufacturing PMI up to 53.2 in October from September's 51.5, besting expectations of 51.6, while New York Fed president William Dudley presented his remarks at the annual conference of the New York Federal Reserve, as his colleague Saint Louis president James Bullard talked about the economy and monetary policy at the Association for University Business and Economic Research, in Arkansas;