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Chicago wheat futures have fallen sharply in recent weeks due to the rapid pace of the U.S. wheat harvest and improved weather conditions easing concerns about crop damage[1][2][3][4][5]. CBOT wheat prices dropped 47.4 cents to 572.6 cents per bushel in the week of June 14-20, marking an 18% decline from a 10-month high hit in May[1][5].

The U.S. winter wheat harvest was 27% complete as of early June, well ahead of the 5-year average[5]. Improved soil moisture in major wheat producing regions like Russia, Ukraine, Canada and Australia has also added to the downward pressure on prices[4][5].

Citations:
[1] https://ukragroconsult.com/en/news/chicago-wheat-prices-decline-amid-rapid-pace-of-harvest-in-the-us/
[2] https://cmbroker.cloud/public/news/50903
[3] https://www.tridge.com/news/wheat-prices-in-chicago-decline-as-harvest-b-iqjmjw
[4] https://www.reuters.com/article/markets/commodities/chicago-wheat-prices-drop-as-rain-falls-in-us-idUSL4N0BC1HV/
[5] https://www.hellenicshippingnews.com/wheat-stays-weak-as-harvest-pressure-builds/

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