# CBOT wheat futures rally on technical buying

> CBOT July soft red winter wheat closed up 14.25 cents at $5.21.50 a bushel, after hitting a 2.5-week high. Dry weather in the U.S. Plains and other wheat areas was cited, and USDA rated just 36% of the winter wheat crop good to excellent. K.C. hard red winter wheat and Minneapolis spring wheat also closed higher.

- Date: 2018-05-23 · published 2018-05-23T12:00:00.000Z
- Category: weather · region US · magnitude low
- Page: https://feedsoft.ai/events/10918-cbot-wheat-futures-rally-on-technical-buying
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

Dry weather and poor crop ratings reduce expected wheat supply and support prices. Technical buying amplified the move but is less likely to sustain it without new supply news.

## Read by commodity

- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2018-05-22 | [U.S. grains: Wheat rallies on Plains dryness, technical buying - AgCanada](https://feedsoft.ai/events/10917-u-s-grains-wheat-rallies-on-plains-dryness-technical-buying-agcanada.md) | +0.7% | -1.4% |
| WHEAT | 2017-09-27 | [U.S. grains: Wheat rises to one-month top on technical buying - AgCanada](https://feedsoft.ai/events/8514-u-s-grains-wheat-rises-to-one-month-top-on-technical-buying-agcanada.md) | +6.0% | +11.0% |
| WHEAT | 2018-07-31 | [Sharp rally for wheat futures \| VIC](https://feedsoft.ai/events/64074-sharp-rally-for-wheat-futures-vic.md) | +4.1% | +1.3% |
| WHEAT | 2019-09-27 | [Minneapolis wheat futures rally on poor spring crop - Brownfield Ag News](https://feedsoft.ai/events/57103-minneapolis-wheat-futures-rally-on-poor-spring-crop-brownfield-ag-news.md) | +0.6% | -1.3% |
| WHEAT | 2018-05-18 | [GRAINS-U.S. wheat futures rally; corn, soy firm on hopes for export deal](https://feedsoft.ai/events/10916-grains-u-s-wheat-futures-rally-corn-soy-firm-on-hopes-for-export-deal.md) | +4.1% | +2.4% |
| KWHEAT | 2018-05-22 | [U.S. grains: Wheat rallies on Plains dryness, technical buying - AgCanada](https://feedsoft.ai/events/10917-u-s-grains-wheat-rallies-on-plains-dryness-technical-buying-agcanada.md) | +5.7% | -8.3% |
| KWHEAT | 2017-09-27 | [U.S. grains: Wheat rises to one-month top on technical buying - AgCanada](https://feedsoft.ai/events/8514-u-s-grains-wheat-rises-to-one-month-top-on-technical-buying-agcanada.md) | -2.3% | -4.0% |
| KWHEAT | 2018-07-31 | [Sharp rally for wheat futures \| VIC](https://feedsoft.ai/events/64074-sharp-rally-for-wheat-futures-vic.md) | +7.0% | -8.4% |

## Sources

- brecorder.com: https://www.brecorder.com/news/4604378

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