# Wheat Futures Lose Ground as Rainfall Eases Dryness

> Chicago wheat futures fell as rains hit drought-stricken US Plains, with the most-active contract settling 2-3/4 cents lower at $5.70½. Drought affected 62% of the US winter wheat crop, up from 58% a week earlier. Corn and soybeans also eased on harvest sales, while soybeans gained on international demand.

- Date: 2024-10-31 · published 2024-10-31T12:00:00.000Z
- Category: weather · region US · magnitude low
- Page: https://feedsoft.ai/events/27900-wheat-futures-lose-ground-as-rainfall-eases-dryness
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

Rain relief in the Plains eases near-term drought risk to wheat, while heavy farmer selling of corn pressures prices; soy supported by crude and palm oil.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2025-03-25 | [Wheat prices fall amid increased rainfall in the US, Ukraine and Russia, which increases pressure on prices in Ukraine](https://feedsoft.ai/events/25622-wheat-prices-fall-amid-increased-rainfall-in-the-us-ukraine-and-russia-which.md) | -1.9% | +1.7% |
| WHEAT | 2023-07-07 | [Wheat's turn-around on improved global rainfall \| Stock Journal \| SA](https://feedsoft.ai/events/35091-wheat-s-turn-around-on-improved-global-rainfall-stock-journal-sa.md) | -2.5% | -0.1% |
| WHEAT | 2017-08-01 | [Wheat Prices Fall as Drought Worsens](https://feedsoft.ai/events/7130-wheat-prices-fall-as-drought-worsens.md) | -3.6% | -4.9% |
| WHEAT | 2018-03-19 | [U.S. grains: Wheat tumbles as rains cross drought-hit Plains - Grainews](https://feedsoft.ai/events/8007-u-s-grains-wheat-tumbles-as-rains-cross-drought-hit-plains-grainews.md) | -0.5% | +3.6% |
| WHEAT | 2019-05-20 | [EU Wheat In Good Shape After Rain Eases Concerns Over Dry Spring \| Checkout](https://feedsoft.ai/events/59022-eu-wheat-in-good-shape-after-rain-eases-concerns-over-dry-spring-checkout.md) | +10.5% | +9.7% |
| SOY | 2024-04-22 | [U.S. grains: Wheat futures rally as weather risks rattle markets - AgCanada](https://feedsoft.ai/events/12140-u-s-grains-wheat-futures-rally-as-weather-risks-rattle-markets-agcanada.md) | +0.8% | +6.7% |
| SOY | 2019-09-23 | [U.S. grains: Minneapolis, K.C. wheat futures rise - Grainews](https://feedsoft.ai/events/57121-u-s-grains-minneapolis-k-c-wheat-futures-rise-grainews.md) | +0.0% | +5.8% |
| SOY | 2018-05-18 | [GRAINS-U.S. wheat futures rally; corn, soy firm on hopes for export deal](https://feedsoft.ai/events/10916-grains-u-s-wheat-futures-rally-corn-soy-firm-on-hopes-for-export-deal.md) | +4.1% | -9.0% |

## Sources

- agriculture.com: https://www.agriculture.com/wheat-futures-lose-ground-as-rainfall-eases-dryness-8737970

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