# Chicago wheat futures extend gains - Markets - Business Recorder

> Chicago wheat extended gains on Tuesday to a two-month peak after USDA showed winter wheat conditions falling to 50% good to excellent, below analyst expectations. Dryness in the US Plains, southern Russia and a cold spell in western Europe added to supply concerns.

- Date: 2024-04-23 · published 2024-04-23T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/12141-chicago-wheat-futures-extend-gains-markets-business-recorder
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Crop condition deterioration below expectations and weather risks in key exporting regions support higher wheat prices, with fund short covering adding momentum.

## Read by commodity

- 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 23 extension of gains after the USDA rating fell below expectations, with dryness in the Plains and Russia and cold in Europe adding to supply concerns, within the move window. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2024-09-23 | [Chicago wheat rises on global crop concern - Markets - Business Recorder](https://feedsoft.ai/events/5608-chicago-wheat-rises-on-global-crop-concern-markets-business-recorder.md) | +11.3% | +5.5% |
| WHEAT | 2020-06-05 | [Euronext wheat climbs with rally in Chicago - Markets - Business Recorder](https://feedsoft.ai/events/52663-euronext-wheat-climbs-with-rally-in-chicago-markets-business-recorder.md) | -0.7% | +0.6% |
| WHEAT | 2021-04-09 | [CBOT wheat futures rise on European cold snap - Markets - Business Recorder](https://feedsoft.ai/events/47638-cbot-wheat-futures-rise-on-european-cold-snap-markets-business-recorder.md) | -3.6% | -1.4% |
| WHEAT | 2021-02-16 | [US MIDDAY: Wheat climbs - Markets - Business Recorder](https://feedsoft.ai/events/9256-us-midday-wheat-climbs-markets-business-recorder.md) | +1.3% | +0.2% |
| WHEAT | 2022-01-19 | [Chicago soybean futures fell for a third straight session - Markets - Business Recorder](https://feedsoft.ai/events/10895-chicago-soybean-futures-fell-for-a-third-straight-session-markets-business.md) | +1.9% | -1.5% |
| KWHEAT | 2020-06-05 | [Euronext wheat climbs with rally in Chicago - Markets - Business Recorder](https://feedsoft.ai/events/52663-euronext-wheat-climbs-with-rally-in-chicago-markets-business-recorder.md) | -5.3% | -9.5% |
| KWHEAT | 2021-02-16 | [US MIDDAY: Wheat climbs - Markets - Business Recorder](https://feedsoft.ai/events/9256-us-midday-wheat-climbs-markets-business-recorder.md) | +4.5% | -1.6% |
| KWHEAT | 2021-07-30 | [IGC trims forecast for global wheat crop - Markets - Business Recorder](https://feedsoft.ai/events/46024-igc-trims-forecast-for-global-wheat-crop-markets-business-recorder.md) | +2.5% | +6.1% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40299967

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