Wheat slides from 2-week high as dollar powers up

Wheat futures fell over 1% in American trade off October 3 highs as the dollar index rebounded from September 27 lows, following earlier data from the US, the world's second largest wheat exporter and importer. 

As of 05:48 GMT, wheat futures due in December fell 1.29% to $5.1675 away from two-week highs, as the dollar index rallied 0.46% to 95.48 to October 10 highs. 

The US Department of Agriculture reported inspections of 451.0 thousand tonnes of wheat product destined for export in the week ending October 11, up from 447.6 thousand in the previous week, with total inspected product now amounting to 7.82 million tonnes in the marketing year starting June, down from 10.7 million in the same period of last year. 

Other US data showed housing starts fell 5.3% in September to an annualized 1.201 million units, compared to a 7.1% surge in August, and edging estimates of a 5.6% drop. 

Building permits fell 0.6% last month to 1.241 million units, compared to a 4.1% decline in August, and missing estimates of a 2% increase. 

Federal Reserve Governor Lael Brainard will deliver a speech titled "Fintech and Financial Inclusion" at the Federal Reserve Bank of Boston's Fintech conference later today, while the Fed is slated to release its minutes for the September 25-26 meeting. 

US President Donald Trump accused the Federal Reserve of causing a sharp correction in markets with its interest rate policy, considering it too strict and a "mistake".