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<\/figure>\n\n\n\nSEE: Wheat futures experience a downward trend on the VT Markets app<\/a>.<\/em><\/p>\n\n\n\n The recent forecast for rain in critical Russian wheat-growing areas <\/a>has somewhat alleviated global supply concerns, leading to a cooling of prices from recent spikes.<\/p>\n\n\n\n Similar to wheat, CBOT soybeans and corn experienced downward adjustments in their futures prices.<\/a> Soybeans were down 0.4% at $11.77-1\/4 a bushel, while corn fell slightly by 0.1% to $4.48-3\/4 a bushel. These movements reflect an ongoing perception of ample supply in the global market, influenced by strong production forecasts from South America.<\/a><\/p>\n\n\n\n Speculative investors <\/a>have reacted to the anticipated supply surpluses by building large bearish positions in all three commodities<\/a>, which have led to their prices reaching the lowest levels since 2020. Despite a seven-day gain streak fueled by concerns over hot and dry weather affecting Russian yields, the recent easing of weather worries has shifted market dynamics.<\/p>\n\n\n\n Russia’s status as the world’s largest wheat exporter<\/a> places significant weight on its crop conditions in determining global supply expectations. However, dry conditions persist in parts of the United States, maintaining a degree of caution among traders. In contrast, Europe\u2019s harvest projections<\/a> have been lowered due to wet conditions, highlighting the diverse climatic impacts on global wheat production.<\/p>\n\n\n\n The U.S. Department of Agriculture (USDA<\/a>) reported that about 30% of the U.S. winter wheat crop was in drought-affected areas<\/a> as of April 23. Moreover, a recent USDA crop progress report indicated a slight decline in crop conditions, with 49% of the U.S. winter wheat crop rated good-to-excellent, a drop from the previous week.<\/p>\n\n\n\n In the soybean sector, recent price support came from a strike<\/a> initiated by Argentina’s SOEA oilseed workers’ union against a labor reform bill. <\/p>\n\n\n\nSoybeans and Corn See Price Adjustments<\/strong><\/h3>\n\n\n\n
Global Wheat Supply and Demand<\/strong><\/h3>\n\n\n\n
Soybean Strikes<\/strong><\/h3>\n\n\n\n