Affected by the ceasefire agreement and increased supply, wheat may record its largest weekly decline in months.

Chicago wheat futures are expected to hit the largest weekly decline in 10 months, driven by signs of improving weather in the United States, ample supply signals, and market expectations of continued ceasefire in the Middle East. Last Friday, the most active wheat futures in the US trading market fell by 4% on a weekly basis, the largest drop since June last year. The reason is that although the US-Iran ceasefire agreement had a shaky start, it may continue to be implemented, potentially easing supply concerns for key agricultural crop production materials such as fertilizers and fuel.