Wheat futures slipped to around $5.50 per bushel, retreating from a one-month high of nearly $5.59. The earlier rise was fueled by worries over harsh cold in U.S. wheat-growing regions and ongoing drought in Argentina. The recent decline is attributed to a technical correction, as traders closely watch President Trump’s trade policies. On the global front, Australia’s wheat output is forecasted at 32 million metric tons, the third-highest on record, according to the USDA’s attaché in Canberra, despite challenges during the growing season. Meanwhile, Russia’s wheat production remains steady, though weather risks persist.

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