Wheat scales week highs, dollar gains ground

Wheat futures rose in American trade off July 13 lows for the third straight session, while the dollar index eked out gains, following earlier data from the US, the world's second largest wheat producer and exporter. 

As of 07:34 GMT, wheat futures due in December rose 0.40% to $5.0725, marking October 19 highs, while the dollar index added 0.21% to 96.56 against a basket of major rivals. 

Earlier US data showed personal income rose 0.2% in September, slowing down from August's 0.4% growth.

Personal spending rose 0.4% as expected in September, also slowing from 0.5% from August. 

USDA Reports Sales

The US Department of Agriculture recently reported wheat sales due for the marketing year 2018-2019 at 442.6 thousand tonnes in the week ending October 18, down slightly from 476 thousand in the previous week. 

an unknown client bought 175.2 thousand tonnes, then Mexico at 84.8 thousand, Italy and Panama at 52.5K and 24.9K respectively. 

The USDA also reported on Thursday that inventories for the current marketing year will be the highest ever on record. 

Finally, the USDA recently reported inspections on 385.1 thousand tonnes of wheat product destined for export in the week ending October 19, down from 478.5 thousand in the previous week, and 212.4 thousand in the same period of last year, with total inspected product now amounting to $8.21 million tonnes for the marketing year so far, down from 10.8 million in the same period of last year.