Wheat Futures Plunge Amid Expected Rain in US Growing Areas

The US wheat market experienced significant losses on Thursday due to expected rain in growing areas outweighing concerns over the Russia-Ukraine conflict and drought in Europe.

The USDA reported spring wheat conditions at 53 per cent good to excellent as of July 26, unchanged from the previous week. However, the good-excellent split changed from 48 per cent good/five per cent excellent to 46/7.

Wheat futures were sharply weaker on Thursday, while soybeans showed modest gains, ending the day in positive territory for the second time over the past seven sessions.