The Central Plains are likely to endure strong rain this week, which is nourishing to the agricultural commodity. Wheat futures are diving toward a ninth consecutive trading session of losses as the trade week begins, which is part of a bearish trend from May. Wheat futures lost 13 percent last month, marking their worst month since September 2011.
"Improving weather conditions across the States have continued to weigh on prices," states a Monday note authored by U.K. grain trader Gleadell Agriculture Ltd., according to the news source. "The recent improvement now looks set to aid crop development."
At 11:04 a.m. on Monday, wheat futures dropped 1.04 percent, a 0.065-cent slip to $6.2075 per bushel.
Reuters reports concerns about the global supply of wheat are minimal, which also has proven to be a factor that tugs down the grain during its recent slump.
Agriculture minister Ihor Shvayka with Ukraine said exports have not been impeded due to the conflict between Ukraine and Russia.
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