U.S. wheat futures slid to a near two-month low on Wednesday, testing psychological support at the $5 per bushel mark, pressured by forecasts for rising global grain supplies and strong export competition, analysts said.
Reuters reports the USDA projected reduced U.S. wheat exports in 2020/21 compared to a year earlier, while exports from Russia, Argentina, Australia and Canada should rise.
Analysts also noted improving moisture bolstering wheat production prospects in Europe and the Black Sea region.
