Wheat sheds over 1% as dollar edges up

Wheat futures fell over one percent in American trade for the sixth session out of eight away from July 12 highs, as the dollar index gained ground, as traders price in increased US output of spring wheat. 

As of 07:58 GMT, wheat futures due on July 15 fell 1.50% to $4.9125 from the opening of $5.9875, marking April 27 lows, while the dollar index inched up 92.62 from the opening of 92.54. 

The US Department of Agriculture reported last week wheat sales at 35.2 thousand tonnes in the week ending May 3, down 85% from the previous week, and 76% from the four-week average, with Malaysia at the top of the list at 31 thousand tonnes, followed by Italy at 19.5 thousand, Indonesia at 11 thousand, Philippines and Colombia at 9.6 and 8.8 thousand respectively. 

The USDA reported sales in the market year 2018-2019 starting next month at 48.2 thousand tonnes, with Philippines at the top at 25 thousand tonnes, then unknown buyers at 22 thousand, and Nigeria at 20 thousand.