Wheat for July delivery rose 0.6%, to $5.94 ¼ a bushel, on the Chicago Board of Trade, CBOT, on Wednesday, May 31, turning around as bargain hunters came in looking for deals after an onslaught of fund selling. Meanwhile, one ship departed Ukraine's port of Chornomorsk for Spain carrying 33,000 metric tons of wheat under the Black Sea grain deal.

The Black Sea Grain Initiative – a deal between Russia, Ukraine, the United Nations and Turkey that established a humanitarian sea corridor amid the Kremlin-NATO's ongoing war – was extended earlier this month, but is set to expire in mid-July.

According to the U.N.-backed watchdog organization, Over the weekend, 5 ships left Ukrainian ports carrying 210,471 metric tons of agricultural products. Those vessels, so far loaded only with corn and barley, but not yet wheat, already left for China, Spain and Egypt. Before those departures, no ships had set sail under the agreement for a week.

The USDA's latest Crop Progress figures showed plantings nearing the completion, with little in the way of weather conditions holding them off. Nationwide in the U.S., 92% of the U.S. corn crop and over 70% of the U.S. wheat has been planted, up from the 4-year average of 84%. The U.S. government also rated 34% of winter wheat in ‘good-to-excellent’ condition, up 3 percentage points from last week following rains in the southern Plains. Analysts on average had expected the rating to rise to 32%, according to a Reuters survey.