# Wheat prices rose because of lower production forecast for Argentina

> Wheat prices rose after the Buenos Aires Grain Exchange cut its 2020/21 Argentine wheat production estimate to 17.5 million t, 3.5 million t below its May forecast, with drought affecting much of the growing area. Dollar strength and lower oil prices limited gains, and US futures fell on the day.

- Date: 2020-09-24 · published 2020-09-24T12:00:00.000Z
- Category: weather · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/10435-wheat-prices-rose-because-of-lower-production-forecast-for-argentina
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A sharply lower Argentine crop reduces export supply and supports world wheat prices, although a stronger dollar makes US wheat less competitive abroad.

## Read by commodity

- DXY: bullish ▲
- WHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2020-09-28 | 1 | +6.0% | 3.4 | The Buenos Aires Grain Exchange cut its Argentine wheat estimate by 3.5 million t, tightening global supply and supporting a rebound in US wheat. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2024-02-16 | [Strategie Grains has lowered its forecast for EU wheat production](https://feedsoft.ai/events/31601-strategie-grains-has-lowered-its-forecast-for-eu-wheat-production.md) | +1.0% | -4.6% |
| WHEAT | 2017-08-08 | [Wheat production forecast down: NAB - Grain Central](https://feedsoft.ai/events/69415-wheat-production-forecast-down-nab-grain-central.md) | +0.5% | -0.8% |
| WHEAT | 2018-05-29 | [Wheat prices are rising because of the hot and dry weather](https://feedsoft.ai/events/65065-wheat-prices-are-rising-because-of-the-hot-and-dry-weather.md) | -0.9% | -2.8% |
| WHEAT | 2023-07-28 | [Australia forecasts 34% decline in wheat production](https://feedsoft.ai/events/35012-australia-forecasts-34-decline-in-wheat-production.md) | -0.1% | -2.1% |
| WHEAT | 2026-06-22 | [Plains Drought Cuts Winter Wheat Production Forecast \| Agriculture of America](https://feedsoft.ai/events/18860-plains-drought-cuts-winter-wheat-production-forecast-agriculture-of-america.md) | -1.6% | +1.9% |
| DXY | 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% | -1.3% |
| DXY | 2018-04-30 | [Wheat rises 2% past $5 on disruptive US weather](https://feedsoft.ai/events/11225-wheat-rises-2-past-5-on-disruptive-us-weather.md) | +1.0% | +2.2% |
| DXY | 2023-10-24 | [Ahead of the Open \| October 24, 2023 - Pro Farmer](https://feedsoft.ai/events/10316-ahead-of-the-open-october-24-2023-pro-farmer.md) | +0.1% | -2.5% |

## Sources

- graintrade.com.ua: https://graintrade.com.ua/en/novosti/tcini-na-pshenitcyu-virosli-cherez-znizhennya-prognozu-virobnitctva-dlya-argentini.html

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