Wheat supply is likely to remain plentiful

At the CBoT, the wheat futures prices fell to their weekly low this morning, as the wheat growing regions in the northern hemisphere have good vegetation conditions and can be expected to keep the supply lush.
Fear of a too dry spring has been disappearing for a few days, which does not mean that the topic of dryness is already off the table. The USDA yesterday lowered wheat crop ratings to 53% good-to-excellent (from 55%). However, weather conditions have improved in the Black Sea region and in Europe.
The USDA will publish its May WASDE report tonight at 6 p.m. German time. Commodity funds were net sellers of wheat futures yesterday.