This morning, wheat futures in Chicago are under heavy pressure and trading at its lowest level in three weeks. The global supply situation is very good and the outlook for rain in parts of the drought plagued US plains is improving. In addition, in the Black Sea region, excellent soil conditions for the summer cereal sowing are reported. This will increase the chances of another large wheat harvest in Russia and Ukraine. Institutional investors sold 9,000 lots of CBoT SRW wheat on Friday, increasing their holdings of net short positions.
Graphic: Saxo Trader /
