Wheat Futures Plummet on Impending Rains in Major Growing Areas

U.S. wheat futures plummeted on Thursday as impending rains in major growing areas outweighed concerns over the Russia-Ukraine conflict and European drought.

The U.S. Department of Agriculture reported that spring wheat conditions remained unchanged at 53% good to excellent, with a slight shift in the good-excellent split from 48/5% to 46/7%.

Despite this, the market reacted negatively to the forecasted rains, leading to double-digit losses for wheat futures.