# Wheat hovers near 21-month low as weather, exports weigh - Markets - Business Recorder

> Chicago wheat was little changed on April 25, 2023, after hitting a 21-month low, as forecast rain for drought-hit US Plains and competitive Russian exports offset supply risks. USDA rated only 26% of US winter wheat in good to excellent condition, the lowest for the season since 1989. Corn edged higher after an eight-month low, and soybeans were marginally lower.

- Date: 2023-04-25 · published 2023-04-25T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/10361-wheat-hovers-near-21-month-low-as-weather-exports-weigh-markets-business
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Competitive Russian export supply caps wheat prices despite poor US winter crop ratings. Wheat is a potential feed substitute, so its weakness can pressure feed grain values.

## Read by commodity

- SOY: neutral
- CORN: neutral
- WHEAT: bearish ▼
- KWHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2021-03-25 | [Wheat nears 3-month low on supply prospects; soy, corn also decline - Markets - Business Recorder](https://feedsoft.ai/events/12661-wheat-nears-3-month-low-on-supply-prospects-soy-corn-also-decline-markets.md) | -0.8% | +0.5% |
| WHEAT | 2021-03-22 | [Russian wheat export prices down amid weak demand - Markets - Business Recorder](https://feedsoft.ai/events/12405-russian-wheat-export-prices-down-amid-weak-demand-markets-business-recorder.md) | +0.9% | +0.3% |
| WHEAT | 2021-03-12 | [Wheat flat; set for second weekly drop as US weather improves - Markets - Business Recorder](https://feedsoft.ai/events/5121-wheat-flat-set-for-second-weekly-drop-as-us-weather-improves-markets-business.md) | -0.3% | +0.5% |
| WHEAT | 2021-05-10 | [Paris wheat drops - Markets - Business Recorder](https://feedsoft.ai/events/11412-paris-wheat-drops-markets-business-recorder.md) | +3.5% | -1.9% |
| WHEAT | 2024-09-28 | [Soy futures soar on US weather woes - Markets - Business Recorder](https://feedsoft.ai/events/28337-soy-futures-soar-on-us-weather-woes-markets-business-recorder.md) | +0.6% | -6.3% |
| KWHEAT | 2021-03-25 | [Wheat nears 3-month low on supply prospects; soy, corn also decline - Markets - Business Recorder](https://feedsoft.ai/events/12661-wheat-nears-3-month-low-on-supply-prospects-soy-corn-also-decline-markets.md) | -0.1% | +15.8% |
| KWHEAT | 2021-03-12 | [Wheat flat; set for second weekly drop as US weather improves - Markets - Business Recorder](https://feedsoft.ai/events/5121-wheat-flat-set-for-second-weekly-drop-as-us-weather-improves-markets-business.md) | -1.5% | -1.6% |
| KWHEAT | 2025-05-18 | [Chicago wheat stumbles on improved harvest prospects - Markets - Business Recorder](https://feedsoft.ai/events/24709-chicago-wheat-stumbles-on-improved-harvest-prospects-markets-business-recorder.md) | +4.3% | +3.8% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40238758

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.