# Wheat price rally as US futures hit highs | Farm Online | ACT

> Wheat prices in Australia are above A$300/t in all port zones, and Chicago futures reached a five-year high of US$5.874/bu. The rally was driven mainly by a USDA report showing much lower-than-expected US stocks, plus dryness in Russia, Ukraine and the US southern Plains.

- Date: 2020-10-07 · published 2020-10-07T12:00:00.000Z
- Category: report · region Australia · magnitude medium
- Page: https://feedsoft.ai/events/11632-wheat-price-rally-as-us-futures-hit-highs-farm-online-act
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Tighter US stocks and weather-related crop concerns lift global wheat values, and Australian farmers are locking in prices ahead of harvest. Feed wheat costs rise alongside milling wheat.

## Read by commodity

- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2017-07-05 | [Wheat prices catch fire \| Farm Online \| ACT](https://feedsoft.ai/events/6182-wheat-prices-catch-fire-farm-online-act.md) | -0.9% | +0.4% |
| WHEAT | 2020-02-18 | [ABARES announces further cuts to wheat crop \| Farm Online \| ACT](https://feedsoft.ai/events/54571-abares-announces-further-cuts-to-wheat-crop-farm-online-act.md) | -0.9% | -0.1% |
| WHEAT | 2026-05-12 | [Canadian wheat rises to its highest price since June 2025 tracking futures rally \| S&P Global](https://feedsoft.ai/events/10793-canadian-wheat-rises-to-its-highest-price-since-june-2025-tracking-futures.md) | +2.0% | -3.2% |
| WHEAT | 2018-08-13 | [No surprises in USDA report \| Farm Online \| ACT](https://feedsoft.ai/events/63483-no-surprises-in-usda-report-farm-online-act.md) | -1.8% | +3.1% |
| WHEAT | 2022-05-12 | [Tightening US and World Wheat Supplies Send Wheat Futures Prices to Near Limit Gains](https://feedsoft.ai/events/41347-tightening-us-and-world-wheat-supplies-send-wheat-futures-prices-to-near-limit.md) | +5.9% | +0.7% |

## Sources

- farmonline.com.au: https://www.farmonline.com.au/story/6957411/wheat-price-rally-as-us-futures-hit-highs/

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