Chicago wheat futures consolidated on Wednesday after a day-earlier rally to a five-year high, as traders assessed supply risks from dry weather in several exporting countries, reports Reuters.
A lack of rain has raised concern about sowing prospects in the U.S. Plains and the Black Sea region, while steady international demand has also supported wheat prices.
Rains in much of Ukraine have improved sowing conditions, APK-Inform consultancy said on Tuesday. But the country is still set to see its winter wheat area fall, while for Russian and U.S. winter wheat belts weather forecasts remained mostly dry.
