Wheat prices surge over one percent before the weekend

Wheat futures rose over one percent in American trade as the dollar tumbled to one-month lows according to their inverse relation, which follows a spate of data from the U.S., the world's largest wheat producer and exporter. 

As of 07:18 GMT, wheat futures due on July 16 jumped 1.60% to $493.25 a bushel from the opening price of $485.50, with an intraday high at $494.50, and a low at $482.25. 

On the other hand, the dollar index, gauging the U.S. currency's performance against a basket of six major counterpart, sank to 94.06 from the opening of 95.54, with a session-high at 95.64, and the lowest level sine May 12 at 93.99. 

Earlier data from the U.S., the world's largest economy showed non-farm payrolls rising by the lowest number since September 2010, by 38,000, compared to 123K in April and sharply below expectations of 159K, while the unemployment rate fell to its lowest since November 2007 at 4.7% from 5.0% in April, below expectations of 4.9%. Average hourly earnings growth decelerated to 0.2%, below 0.4% in April and matching expectations. 

Additional data showed the trade balance deficit rising to $37.4 billion from $35.5B in April, below expectations of $41.2, while factory orders rose 1.9% m/m, besting expectations of 1.8% and compared to a 1.5% rise in the previous month. Finally, the ISM services PMI tumbled to 52.9 in May from April's 55.7, far below expectations of 55.4.