SINGAPORE (May 2): Chicago wheat futures dropped to a three-week low on Monday (May 2), falling for a fourth consecutive session, as showers in key growing parts of the US Plains provided a much-needed boost to the crop. In monthly cereal supply and demand estimates, the Commission cut its outlook for usable production of common wheat, or soft wheat, in the July 2022 to June 2023 season to 130.1 million tonnes from 131.3 million tonnes previously. Ukraine's grain exports had reached 45.709 million tonnes so far in the 2021/22 July-June season, the Agriculture Ministry said last Friday as it resumed publishing grain export data. Senior agriculture officials said this month that Ukraine exported 300,000 tonnes of grain in March. Large speculators cut their net long position in CBOT corn futures in the week to April 26, regulatory data released last Friday showed.
