Wheat Falls to One-Week Low on Weak Trading, Supply Glut

Wheat futures fell to a one-week low as traders assessed forecasts for warmer and drier weather across key U.S. growing regions, reinforcing expectations of abundant supplies.

May-delivery wheat futures in Chicago, the most actively traded contract, declined 1.4% to $5.40 per bushel. Corn and soybean futures also posted modest losses.

Trading volumes remained subdued as Chicago markets reopened following a long weekend, while most Asian markets were closed for the Lunar New Year holiday, limiting broader participation.

According to the National Weather Service Climate Prediction Center, warmer and drier conditions are expected across much of the U.S. Plains and southern regions, with above-average temperatures forecast in parts of Texas and Oklahoma next week. The improved weather outlook has added to bearish sentiment already driven by a global wheat surplus.

Analysts at Argus Media said in a research note that with most Asian markets closed in the coming days, “U.S. exporters are currently awaiting tangible buying interest to confirm prospects for fresh deal flows.”

Wheat prices were down 1.3% at $5.41 per bushel, while corn and soybean futures continued to edge lower.

The combination of favorable weather conditions and muted export demand has kept pressure on grain markets, underscoring concerns about persistent oversupply in the global wheat market.