# U.S. grains: Wheat futures rally as weather risks rattle markets - AgCanada

> US wheat futures rallied to their highest in over two months on Monday as dryness in Russia and the US Plains and attacks on a Ukrainian port supported prices. USDA reported 50% of winter wheat rated good to excellent, down from 55% the prior week.

- Date: 2024-04-22 · published 2024-04-22T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/12140-u-s-grains-wheat-futures-rally-as-weather-risks-rattle-markets-agcanada
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Dry weather threatening Russian and US hard red winter wheat cuts expected supplies and tightens export availability, lifting wheat prices and supporting feed wheat alternatives to corn.

## Read by commodity

- SOY: bullish ▲
- CORN: bullish ▲
- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| KWHEAT | 2024-04-25 | 5 | +11.1% | 2.8 | Apr 22 rally to a two-month high on Russian and US Plains dryness, a Ukrainian port attack and a drop in winter wheat conditions to 50% good/excellent directly drove the 5-day gain via supply-risk repricing. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2024-05-06 | [U.S. grains: Wheat, soy, corn futures extend surge on volatile global weather - AgCanada](https://feedsoft.ai/events/11627-u-s-grains-wheat-soy-corn-futures-extend-surge-on-volatile-global-weather.md) | +2.2% | +13.7% |
| WHEAT | 2019-07-29 | [U.S. grains: Wheat rises as dry weather curbs Russian output; corn firm - AgCanada](https://feedsoft.ai/events/58150-u-s-grains-wheat-rises-as-dry-weather-curbs-russian-output-corn-firm-agcanada.md) | +0.7% | -1.2% |
| WHEAT | 2021-03-06 | [U.S. grains: Soy futures rally on dry Argentina weather - Grainews](https://feedsoft.ai/events/8633-u-s-grains-soy-futures-rally-on-dry-argentina-weather-grainews.md) | -2.8% | -2.7% |
| WHEAT | 2018-05-17 | [GRAINS-U.S. wheat futures rise on world weather woes, corn; soy flat](https://feedsoft.ai/events/10915-grains-u-s-wheat-futures-rise-on-world-weather-woes-corn-soy-flat.md) | +4.3% | +3.0% |
| WHEAT | 2018-03-01 | [U.S. grains: Wheat, soybean futures rally - Manitoba Co-operator](https://feedsoft.ai/events/12431-u-s-grains-wheat-soybean-futures-rally-manitoba-co-operator.md) | +1.2% | +0.1% |
| KWHEAT | 2018-03-01 | [U.S. grains: Wheat, soybean futures rally - Manitoba Co-operator](https://feedsoft.ai/events/12431-u-s-grains-wheat-soybean-futures-rally-manitoba-co-operator.md) | +2.5% | -9.3% |
| KWHEAT | 2021-02-17 | [U.S. grains: Wheat climbs to one-week high on frigid U.S. weather - AgCanada](https://feedsoft.ai/events/9252-u-s-grains-wheat-climbs-to-one-week-high-on-frigid-u-s-weather-agcanada.md) | +0.5% | -4.6% |
| KWHEAT | 2022-01-19 | [U.S. grains: Wheat, corn rally to highest since December - AgCanada](https://feedsoft.ai/events/11816-u-s-grains-wheat-corn-rally-to-highest-since-december-agcanada.md) | +8.0% | +4.3% |

## Sources

- agcanada.com: https://www.agcanada.com/daily/u-s-grains-wheat-futures-rally-as-weather-risks-rattle-markets

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