Wheat falls to two-week low, with strong crop conditions in the US but stagnant demand.

Wheat futures fell to a two-week low as the condition of the US wheat crop improved and harvest progress accelerated, while global demand remained weak. Data from the US Department of Agriculture showed that last week, 54% of US spring wheat was in "good to excellent" condition. At the same time, about 63% of winter wheat had already been harvested, in line with analysts' expectations. "With global wheat demand essentially stagnating, when prices rise in the US, US competitiveness is affected, forcing the market to pull back to revitalize exports," analysts at The Hightower Report said in their report. "This situation makes it difficult for price rebounds to be sustained."