Wheat futures below $5.3 per bushel, retreating from eight-week highs seen January 29th as early weather-driven gains ran into a renewed supply overhang and less supportive macro conditions.

Initial support from freezing temperatures across the US Plains and parts of the Black Sea faded as forecasts moderated and no widespread crop damage was confirmed, reducing near-term supply risk.

At the same time, a rebound in the US dollar from late-January lows undermined export competitiveness just as global availability remains ample, with high US and world inventories limiting the scope for sustained price gains.

Elevated stocks and large volumes of unpriced wheat in commercial storage have also increased the likelihood of selling on rallies, capping upside.
Source: Trading Economics