Wheat for July delivery fell 1,4% on the day and traded at $6,7438 a bushel after earlier in the session it tumbled 1,5% and reached its weakest level since April 3. Wheat prices are experiencing downward pressure amid improved weather forecasts for crop developing in the Black Sea region, which is easing the concerns about insufficient global supply. Another factor, which lead to a decrease in wheat pricing is USDAs last week statement that global wheat inventories at the end of the year will increase to 186,4 million metric tons, up from the month-earlier estimate of 182.26 million metric tons. The reason is increased production in Canada, Russia and Australia.
Corn futures for July delivery also sunk following information by the USDA that as of Sunday, May 19, 71% of the U.S. corn crop was planted. The number has almost reached the five-year average, which is 79% and it is a drastic improvement compared to the 21% planted crop in the preceding week. On the Chicago Mercantile Exchange corn futures dropped 2,4% on the day and traded at $6,3363 a bushel.
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