U.S. wheat futures came under pressure to begin this week amid favorable global crop conditions. March Chicago wheat traded about 4 cents higher Tuesday morning to about $5.40 a bushel. Technical pressure remained on futures after falling below support on Monday.

The wheat market attempted to climb above technical resistance last week but ultimately failed. Prices remain about 30 cents above their contract low despite recent weakness.

Global wheat production is reportedly doing well yet. Global export values declined last week, led by French milling wheat and Russian milling wheat. Favorable numbers also came out of Russia and Australia over the past few days.

Russian farmers are reportedly selling grain at a record speed to help cover production costs. Russian-based consultancy firm SovEcon said farmers will likely continue selling grain at a record pace in the coming months, which will put pressure on global prices.

Additionally, Argentina’s wheat production is expected to be a record this season as farmers finish up harvest. The Buenos Aires Grain Exchange forecasts the crop to reach 24 million metric tons. The wheat harvest is only about 20 percent complete, as much of the crop has yet to mature.

U.S. winter wheat establishment is progressing well. The USDA reported that U.S. winter wheat conditions improved last week, with 48 percent of the crop in good-to-excellent condition, compared to 45 percent the previous week. Beneficial rainfall in the Southern and Central Plains aided crop development ahead of the dormancy period.

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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.