Wheat futures fell sharply across all three U.S. markets on Tuesday, with spring wheat leading the decline. Chicago SRW contracts lost 8 1/4 to 10 3/4 cents, KC HRW futures dropped 13 to 15 1/4 cents, and MPLS spring wheat plunged 14 to 24 3/4 cents. The selloff was fueled by forecasts of 1 to 2 inches of rain across much of the spring wheat belt from Minnesota to Idaho, with heavier totals expected in Canada. USDA Crop Progress data showed the winter wheat harvest at 40% complete, 16 percentage points ahead of the five-year average, while spring wheat conditions slipped 1% to 54% good to excellent. Sovecon lowered its estimate for the 2026/27 Russian wheat crop by 1.4 million metric tons to 88.9 million metric tons.