Funds remain heavily net short, leaving the market vulnerable to further order-flow driven upside despite a lack of fresh fundamental support. The narrowing WHK spread moved the market into potential storage contraction territory, adding pressure to shorts with 16 days left in the observation period. Global fundamentals remain heavy, but USD weakness and spread dynamics are dominating near-term price action. A weaker USD and concerns over Argentine crop conditions supported prices, although improved rain prospects in the 11–15 day forecast capped enthusiasm. Geopolitical noise around US trade policy, Canada–US tensions, and shifting global trade alliances continues to add uncertainty, but currency moves remain the dominant cross-market influence.