Chicago wheat futures fell to a seven-month low after Russia’s agriculture ministry raised its harvest forecast, citing favorable rains across the southern growing regions.

The ministry now expects the 2026 crop to reach 86 million tonnes, up from an earlier estimate of 82 million, reinforcing Russia’s position as the world’s top wheat exporter.

Traders said the improved outlook has eased concerns about tightening global supplies that had been building since a dry spring across parts of the U.S. Plains.

Egypt’s state grain buyer is expected to issue a fresh tender this week, and dealers expect Russian origin to dominate offers given the widening price gap over French and U.S. wheat.