CBOT Wheat Falls 3.5% to 769.5 Cents/Bushel

The 3.5% drop is notable not just for its size but for what it signals about shifting supply expectations in a market that had been pricing in tighter conditions. The reference to broader agricultural volatility suggests this may be part of a wider repricing rather than a wheat-specific shock, which could have knock-on effects on related crops and food inflation narratives. The key variable to watch is whether this selloff stabilizes or accelerates, as that will reveal if the market believes the supply outlook has genuinely loosened or if this is a temporary correction driven by macro flows. Weather and export demand remain the fundamental drivers, but the speed of the move raises questions about positioning and whether leveraged funds are unwinding.