# Accelerating harvesting in the United States and raising harvest forecasts for Russia are lowering wheat prices 22.06.2022 - UkrAgroConsult

> Wheat prices fell 5-6.5% after expectations of a global economic slowdown hit stock markets and commodities, with palm oil futures down 10% on Monday. US spring wheat planting advanced and US winter wheat harvest reached 25% of area. SovEkon raised its 2022 Russian wheat production forecast by 0.6 million tons to a record.

- Date: 2022-06-22 · published 2022-06-22T12:00:00.000Z
- Category: report · region Russia · magnitude medium
- Page: https://feedsoft.ai/events/12702-accelerating-harvesting-in-the-united-states-and-raising-harvest-forecasts-for
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Faster US harvesting and a higher Russian crop forecast increase export supply, pressuring wheat and palm oil prices lower.

## Read by commodity

- WTI: bearish ▼
- WHEAT: bearish ▼
- PALMOIL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2023-05-31 | [Wheat prices fell by 2.5-4.7% against the background of the acceleration of sowing in the USA and an increase in crop forecasts in the EU and the Russia](https://feedsoft.ai/events/35987-wheat-prices-fell-by-2-5-4-7-against-the-background-of-the-acceleration-of.md) | -3.2% | +9.0% |
| WHEAT | 2021-06-11 | [Strategie Grains raises EU 2021/22 wheat crop, export forecasts - UkrAgroConsult](https://feedsoft.ai/events/46522-strategie-grains-raises-eu-2021-22-wheat-crop-export-forecasts-ukragroconsult.md) | +5.0% | -5.4% |
| WHEAT | 2023-12-19 | [Increasing forecasts of wheat harvest and exports from Canada lowers quotations in the US](https://feedsoft.ai/events/32746-increasing-forecasts-of-wheat-harvest-and-exports-from-canada-lowers-quotations.md) | +0.4% | +1.7% |
| WHEAT | 2024-11-26 | [Improved crop condition in the US and accelerated harvest in Australia and Argentina increase pressure on wheat prices](https://feedsoft.ai/events/11780-improved-crop-condition-in-the-us-and-accelerated-harvest-in-australia-and.md) | -0.1% | +2.1% |
| WHEAT | 2022-01-13 | [Wheat Drops With U.S. Forecasting Bigger Global Reserves 13.01.2022 - UkrAgroConsult](https://feedsoft.ai/events/43104-wheat-drops-with-u-s-forecasting-bigger-global-reserves-13-01-2022.md) | +4.8% | +2.4% |
| PALMOIL | 2021-12-16 | [Sunflower prices in Ukraine accelerated their decline under pressure from lower prices for vegetable oils 16.12.2021 - UkrAgroConsult](https://feedsoft.ai/events/43707-sunflower-prices-in-ukraine-accelerated-their-decline-under-pressure-from-lower.md) | +2.2% | +13.0% |
| PALMOIL | 2022-06-14 | [COVID in China and the war in Ukraine remain the main factors influencing the oil markets 14.06.2022 - UkrAgroConsult](https://feedsoft.ai/events/7218-covid-in-china-and-the-war-in-ukraine-remain-the-main-factors-influencing-the.md) | -5.1% | -33.6% |
| PALMOIL | 2018-04-26 | [Smaller US maize harvest hikes prices \| Analysis & Features \| The Grocer](https://feedsoft.ai/events/10866-smaller-us-maize-harvest-hikes-prices-analysis-and-features-the-grocer.md) | -3.5% | -1.7% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/accelerating-harvesting-in-the-united-states-and-raising-harvest-forecasts-for-russia-are-lowering-wheat-prices/

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