Wheat futures on Chicago Board of Trade are losing more than 2% today, after yesterday sell-off, because traders see better US weather and advanced harvesting as a strong balance to Russian draught conditions and falling crop expectations. Also, commentary from Ukraine minister Vysotskiy surprised wheat traders, who were expecting lower crops from Ukraine.
- U.S. winter wheat is 6% harvested, according to U.S. data from Monday. It's well ahead of the 5-year average, while the condition of winter wheat crops is at a 3-year-high.
- Also, Ukraine maintained its grain harvest forecast despite bad weather in May, according to Agriculture Minister Vysotskiy but volatility in June may be still higher, as the Black Sea and other regions crop surveys will be released.
WHEAT (M30)
Since the record highs in May, wheat lost almost 20% and is traded at $626 per bushel today. RSI shows oversold conditions with level below 30 points since yesterday decline.
Source: xStation5
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