Wheat futures have been under pressure due to expectations of larger stocks in Russia and the U.S., Allendale said. “Showers have already stalled planting in the Delta, as well as heavy wet snow in the northern Midwest state,” they added.

“Wheat prices are going to take it on the chin in this country if weather in Eastern Europe is cooperative,” John Payne of Daniel’s Trading said. “So far that is the case.” He said that weather in May and June will be more important than the current trend of wet weather across the plains.

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