Wheat Retreats From 8-Week Highs
Wheat futures have fallen below $5.3 per bushel, retreating from eight-week highs due to a combination of factors. Initial support from freezing temperatures in the US Plains and Black Sea diminished as forecasts improved and no significant crop damage was reported. Additionally, a rebound in the US dollar has weakened export competitiveness, while high inventories globally limit price increases. The presence of large unpriced wheat stocks in commercial storage has also raised the likelihood of selling during price rallies, capping potential gains.
Trading Economics·