# Futures File: Petro production picks up; Wheat market wilts – Greeley Tribune

> Wheat prices plunged as US harvest yields were projected at record highs, adding to a global supply surplus. Kansas City wheat fell as low as $4.31 a bushel, and other major exporters were undercutting US prices. Crude oil fell to around $46 a barrel after a recent rally.

- Date: 2016-06-17 · published 2016-06-17T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/11731-futures-file-petro-production-picks-up-wheat-market-wilts-greeley-tribune
- Commodities: [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Record US yields and large global stocks point to continued wheat export price pressure. Lower crude also reduces energy costs and the value of biofuel-linked demand.

## Read by commodity

- WTI: bearish ▼
- WHEAT: bearish ▼
- KWHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| KWHEAT | 2023-03-28 | [Changing Weather Patterns Could Favor U.S. Wheat Production](https://feedsoft.ai/events/36936-changing-weather-patterns-could-favor-u-s-wheat-production.md) | +1.7% | -4.9% |
| KWHEAT | 2021-03-25 | [Increased pressure fundamentals launched down the wheat markets](https://feedsoft.ai/events/48164-increased-pressure-fundamentals-launched-down-the-wheat-markets.md) | -0.1% | +15.8% |
| KWHEAT | 2025-04-23 | [Grain market review: Wheat \| World Grain](https://feedsoft.ai/events/25158-grain-market-review-wheat-world-grain.md) | -5.6% | -1.8% |
| KWHEAT | 2025-04-28 | [Global wheat market: Wheat prices fall as weather improves in the northern hemisphere](https://feedsoft.ai/events/25164-global-wheat-market-wheat-prices-fall-as-weather-improves-in-the-northern.md) | -1.8% | +0.1% |
| KWHEAT | 2023-07-28 | [International wheat futures surge on Ukrainian port bombings \| Farm Online \| ACT](https://feedsoft.ai/events/35090-international-wheat-futures-surge-on-ukrainian-port-bombings-farm-online-act.md) | -11.4% | -13.1% |
| WHEAT | 2016-06-23 | [Market Perspectives June 23, 2016 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/10239-market-perspectives-june-23-2016-u-s-grains-and-bioproducts-council.md) | -8.0% | -10.0% |
| WHEAT | 2021-06-17 | [Market Perspectives – June 17, 2021 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/7305-market-perspectives-june-17-2021-u-s-grains-and-bioproducts-council.md) | -7.8% | -12.3% |
| WHEAT | 2017-04-26 | [Canola up on planting woes, market eyes weather, trade policy \| The Western Producer](https://feedsoft.ai/events/71596-canola-up-on-planting-woes-market-eyes-weather-trade-policy-the-western-producer.md) | +3.3% | +1.6% |

## Sources

- greeleytribune.com: https://www.greeleytribune.com/2016/06/17/futures-file-petro-production-picks-up-wheat-market-wilts/

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