By the end of CBOT trades the prices for May futures on wheat declined by 6 ¾ cent (1.7%), by 7.52 ¾ US dollars per bushel. The US meteorological service forecasts precipitations in the region of the Great Plains which improves expectations of the market regarding the quality of winter wheat harvest. However, other regions of wheat cultivation (Texas and Oklahoma) are expected to get less moisture than needed that is why rainless weather will be unfavourable for harvest. Yet, traders’ attention has been focused on the news about rain in Kansas and Nebraska since there are concerns over precipitations in other US states which is to brighten the situation with harvest. Under all these circumstances traders decided to close part of long positions.
Besides, as exports data showed, The Middle East countries continued buying American wheat, in smaller volume though. It exacerbated the concerns over demand decline of demand due to high prices.