Wheat rises 4% to above $5, dollar ekes out gains

Wheat futures rose over four percent in American trade to May 8 highs, while the dollar index hit December 18 highs, amid a lack of data from the US, the world's second largest wheat exporter, as traders price in dry weather that could hinder global cultivation.

As of 07:40 GMT, wheat futures due on July 15 rallied 4.17% to $5.1825 from the opening of $4.975, marking a one-week high, while the dollar index added 0.18% to 93.64 from the opening of 93.47, hitting a five-month high. 

The US Department of Agriculture reported wheat sales up 79% in the week ending May 10 from the previous week, and up 50% from the four-week average, with Yemen at the top of the buyers list at 52.7 thousand tonnes, followed by Philippines at 52 thousand, and Iraq at 50.5 thousand, Ecuador and Japan at 35.8 thousand and 28.8 thousand respectively. 

The USDA reported new crop sales in the market year starting early June at 131.7 thousand tonnes, with Japan accounting for 48 thousand, South Korea at 24.8 thousand, and Mexico at 19.2 thousand.