Wheat rises for first session in four, dollar shakes off dust

Wheat futures rallied nearly three percent above $5 a bushel away from July 19 lows, while still heading for the second weekly decline in a row. 

As of 07:58 GMT, wheat futures due in December rose 2.92% to $5.115 away from eight-week lows, while the dollar index rose 0.43% to 94.93 away from July 31 lows. 

USDA Reports Sales, Forecasts 

The US Department of Agriculture reported wheat sales for the new marketing year at 387.6 thousand tonnes in the week ending September 6, with Taiwan at the top with 112.5 thousand, followed by Mexico at 37 thousand, then Italy at 31.4 thousand. 

The USDA raised its global wheat production forecasts to 4.7 million metric tonnes in its latest 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. 

US Retail Sales, Industrial Data 

Earlier US data showed retail sales rose 0.1%, slowing down sharply from 0.7% in July, and missing estimates of 0.4%. 

Import prices fell 0.6% m/m, compared to no change in July, while analysts expected a 0.2% drop. 

US industrial production rose 0.4% in August, same as July, and beating estimates of a 0.3% increase. 

The capacity utilization rate rose to 78.1% from 77.9% in July, missing  estimates of 78.3%. 

University of Michigan released its survey on consumer sentiment, showing a surge to 100.8 in September, the best in six months, from 96.2 in August, beating estimates of 96.7.