# Wheat Gets Hit Hard Following July WASDE, Sharp Production Gains

> Minneapolis September wheat hit a new contract low after the July WASDE, with hard red spring production the highest in six years. USDA forecast a record spring wheat yield and other spring wheat output 73 million bushels above last year. Winter and spring wheat production both came in well above trader expectations.

- Date: 2024-07-12 · published 2024-07-12T12:00:00.000Z
- Category: report · region US · magnitude high
- Page: https://feedsoft.ai/events/29206-wheat-gets-hit-hard-following-july-wasde-sharp-production-gains
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Record spring wheat yields and larger hard red spring output add significant supply to the market, pressuring wheat prices lower. Cheaper wheat can substitute for corn in feed rations, which may weigh on feed grain demand.

## Read by commodity

- CORN: neutral
- WHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2022-07-12 | [Markets continue lower following July WASDE](https://feedsoft.ai/events/40428-markets-continue-lower-following-july-wasde.md) | +7.2% | +7.0% |
| WHEAT | 2023-06-09 | [Wheat bears follow June WASDE](https://feedsoft.ai/events/35448-wheat-bears-follow-june-wasde.md) | +0.5% | +2.4% |
| WHEAT | 2020-09-07 | [Australian wheat production seen jumping 91% on plentiful rains](https://feedsoft.ai/events/51083-australian-wheat-production-seen-jumping-91-on-plentiful-rains.md) | +10.0% | +16.8% |
| WHEAT | 2023-11-10 | [Yield, Production and Stocks Increase Sends Corn and Soy Lower Following November WASDE](https://feedsoft.ai/events/33112-yield-production-and-stocks-increase-sends-corn-and-soy-lower-following.md) | -2.7% | +1.7% |
| WHEAT | 2025-09-30 | [Wheat Falling as USDA Raises Production](https://feedsoft.ai/events/22925-wheat-falling-as-usda-raises-production.md) | +0.4% | +5.9% |
| CORN | 2023-06-09 | [Wheat bears follow June WASDE](https://feedsoft.ai/events/35448-wheat-bears-follow-june-wasde.md) | +4.4% | -4.7% |
| CORN | 2019-11-22 | [Wheat production, trade rising: IGC - Grain Central](https://feedsoft.ai/events/55997-wheat-production-trade-rising-igc-grain-central.md) | +0.6% | +2.0% |
| CORN | 2016-07-21 | [Canada’s grain production forecast flat \| World-grain.com \| July 21, 2016 19:19 \| World Grain](https://feedsoft.ai/events/11817-canada-s-grain-production-forecast-flat-world-grain-com-july-21-2016-19-19.md) | -0.2% | -2.9% |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/article/2024/07/12/wheat-gets-hit-hard-following-july

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