July Wheat futures traded moderately lower, posting their lowest close since March 4 and finishing below the 50-day moving average for the first time since late January. The downward pressure was partially driven by an improved weather forecast, with expected rains offering potential relief to parched winter wheat crops. Additionally, the April USDA WASDE report delivered a bearish surprise, reflecting higher-than-expected carryover numbers both domestically and globally. U.S. carryover increased to 938 million bushels, while world carryover reached 283.12 million metric tons, significantly exceeding trade estimates. Though much of the global increase stemmed from India, it underscores a broader trend of shifting consumption. Weekly export sales also landed on the lower end of expectations at 254,300 metric tons.