Wheat rebounds from week lows, dollar off seven-week high

Wheat futures tilted higher in American trade away from October 2 lows as the dollar index fell from August 20 highs, amid a lack of data from the US today, the world's second largest wheat exporter and importer. 

As of 07:32 GMT, wheat futures due in December rose 0.19% to $5.150 away from week lows, while the dollar index shed 0.06% to 95.70 away from seven-week highs. 

The US Department of Agriculture reported a 34% drop in wheat sales due for the new 2018-2019 marketing year in the week ending September, with Brazil at the top of the buyers list at 90 thousand tonnes, followed by Saudi Arabia at 65 thousand, then Nigeria and Iraq at 55.0K and 52.2K respectively. 

The USDA also raised its global wheat production forecasts to 4.7 million metric tonnes in its previous agricultural supply and demand monthly report, with Russia's output expected to increase 3 million tonnes, while Australian output is expected to decrease by 2 million tonnes.