2025-03-31 12:59:04Wheat futures dropped below $5.30 per bushel, reaching their lowest level since March 4th, ahead of the release of new U.S. planting estimates later in the day. Investors also grew increasingly concerned about the escalating trade war, with U.S. agricultural products, including wheat, at risk of retaliatory tariffs from other countries. U.S. President Trump announced during the weekend that the reciprocal tariffs he plans to unveil on Wednesday will target all nations, rather than just a smaller group of 10 to 15 countries with the largest trade imbalances. Meanwhile, forecasts for rain this week in parts of both the U.S. and Russian wheat belts, along with expectations of smoother wheat exports from Russia and Ukraine due to a ceasefire agreement, also weighed on the market.