Wheat fell as rainfall in the U.S. southern Great Plains improves crop prospects. As much as six times the normal amount of precipitation fell in parts of Texas, Oklahoma and Kansas past 7 days. The rain, which fell in counties that hadn't received moisture in more than six months, may improve conditions for plants that survived the dry conditions.
Winter wheat in the U.S. was rated 29% good or excellent as of May 18.
Wheat also declined on speculation that tensions between Ukraine and Russia will have little effect on exports from the countries. Ukraine's agriculture ministry said the country exported 30.9 mil mt of grain since beginning if the marketing year on July 1. (Vs 23 mil mt previous year).
Of the total wheat 8.87 mil + corn 19.4 mil. Ukraine is expected to export 33 mil mt in total this current marketing year. The country's grain harvest in 2013 was over 63 mil mt vs 46.2 mil mt in 2012 (when crops were damaged by drought).
Russia last week said its wheat output would total 100 mil mt, up from its prior forecast for 95-98 mil mt, which also has weighed on prices.