Wheat futures hovered near $5.20 per bushel, easing from a nearly six-week high of $5.30 reached on Monday, as concerns over weather-related supply disruptions began to fade.

Fears that a US winter storm could damage crops or disrupt grain logistics have subsided, while worries over severe cold in Russia also eased after adequate snow cover helped protect crops.

Limiting the downside, the US dollar weakened to its lowest level in nearly four years, supporting commodity prices.

Meanwhile, geopolitical negotiations surrounding the Black Sea region remained in focus, keeping attention on potential export disruptions and adding to supply uncertainty.

However, ample global inventories and largely stable production forecasts continued to cap further upside in wheat prices.
Source: Trading Economics