Wheat tumbles on US rainfall forecasts

Wheat futures fell nearly three percent in American trade away from July 11 highs, even as the dollar index tumbled off 2018 highs, amid forecasts of rainfall in the US that would put an end to a recent dry spill. 

As of 07:43 GMT, wheat futures due on July 15 fell 2.70% to $5.220 from the opening of $5.3650, while the dollar index fell 0.69% to 94.16 from the opening of 94.82. 

Earlier US data showed the private sector added 178 thousand new jobs in May, compared to 163K in April, and missing expectations of 191K. 

US GDP grew 2.2% in the second quarter, missing estimates of 2.3%, while GDP prices rose 1.9%, missing forecasts of 2%. 

Wholesale inventories were not changed in April, compared to a 0.3% rise in March, while analysts expected a 0.4% increase, as markets await the Beige Book, upon which Federal Reserve policymakers depend for their policy views and decisions. 

The US Department of Agriculture reported 431.2 thousand tonnes of inspected wheat product in the week ending May 24, up from 349.5 thousand in the previous week, and down from 605.5 thousand in the same period of 2017.