# Weather Developments Generate Higher Wheat Price

> Wheat prices rallied from April 18 to May 13, with July CBOT futures rising from $5.53 to $6.87 per bushel, the highest since August 2023. The rally was driven by severe frosts in central and southern Russia in early May and dry conditions affecting Russian crop development.

- Date: 2024-05-14 · published 2024-05-14T12:00:00.000Z
- Category: weather · region Black Sea · magnitude medium
- Page: https://feedsoft.ai/events/10910-weather-developments-generate-higher-wheat-price
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

Weather damage to Russian wheat cuts export supply in a major exporting region, lifting global wheat prices. Continued stress during heading and flowering could add further upside.

## Read by commodity

- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| KWHEAT | 2024-05-14 | 1 | -6.8% | -3.5 | The frost and dryness-driven rally to a multi-month high on May 13 left HRW overextended, so the -6.77% drop on May 14 was likely a reversal as that weather premium was unwound. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2018-04-25 | [Wheat hits two-week high on dry US weather](https://feedsoft.ai/events/65543-wheat-hits-two-week-high-on-dry-us-weather.md) | +3.5% | +2.9% |
| WHEAT | 2018-02-16 | [Wheat Holds Weather Premium](https://feedsoft.ai/events/66557-wheat-holds-weather-premium.md) | -0.8% | +1.4% |
| WHEAT | 2017-06-28 | [Wheat prices firm on worries dry weather could hit U.S. crops](https://feedsoft.ai/events/9718-wheat-prices-firm-on-worries-dry-weather-could-hit-u-s-crops.md) | +3.2% | -2.8% |
| WHEAT | 2024-04-23 | [Higher Wheat Futures on Weather - ADM Investor Services](https://feedsoft.ai/events/12143-higher-wheat-futures-on-weather-adm-investor-services.md) | -1.3% | +22.1% |
| 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% |
| KWHEAT | 2018-04-25 | [Wheat hits two-week high on dry US weather](https://feedsoft.ai/events/65543-wheat-hits-two-week-high-on-dry-us-weather.md) | +8.1% | +9.7% |
| KWHEAT | 2024-04-23 | [Higher Wheat Futures on Weather - ADM Investor Services](https://feedsoft.ai/events/12143-higher-wheat-futures-on-weather-adm-investor-services.md) | +7.7% | +16.6% |
| KWHEAT | 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) | -7.5% | -16.7% |

## Sources

- uswheat.org: https://uswheat.org/wheatletter/key-market-mover-weather-developments-generate-wheat-price-rally/

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