Wheat futures regain momentum as weather risks threaten crop conditions in the United States.

Wheat futures resumed their uptrend as forecasts show an increased weather risk for US winter and spring wheat crops. According to the Commodity Weather Group, around 20% of the hard red winter wheat production areas in the Great Plains region of the US will continue to face drought conditions. Additionally, it is expected that wheat crops in Texas and Oklahoma will suffer from flooding this week and next week. At the same time, planting of spring crops in the Delta and Southeast regions is expected to be disrupted until Friday. Despite this, as of the week ending May 1, the condition of US winter wheat crops has improved compared to the same period last year, with approximately 51% of crops considered to be in good to excellent condition. As of April 29, the net short position of fund managers in Chicago wheat futures reached its highest level in nearly two years.