Chicago Board of Trade wheat futures have hit record lows due to great weather conditions in the U.S. Plains and low export demand. The drop in prices is also attributed to China's purchase of wheat from Australia and Canada as heat damage threatens its crops, and the improvement in the U.S. winter wheat crop. Additionally, anticipated rain in the Black Sea export region is adding pressure on wheat prices. Traders are also covering short positions in anticipation of the USDA's world crop report, which will provide the first supply and demand balance sheets for 2025–26, due on Monday.