# Wheat Rises With Russian Crop Uncertainty, Corn Falls on U.S. Weather | July 1, 2024

> Chicago wheat rose as uncertainty over Russia's wheat crop prompted traders to cover large short positions. Corn fell after USDA's acreage report showed more corn planted than expected and forecasts pointed to beneficial US Corn Belt weather, while soybeans rose on signs of increased demand.

- Date: 2024-07-01 · published 2024-07-01T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/29289-wheat-rises-with-russian-crop-uncertainty-corn-falls-on-u-s-weather-july-1-2024
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Russian crop doubts support wheat prices, while the larger US corn acreage weighs on corn and DDGS values. Soybean demand signs support soy prices.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2024-07-08 | 1 | +9.4% | 3.2 | Russian crop uncertainty triggered short covering in Chicago wheat on July 1, and the large speculative short positions could fuel a sharp rebound. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2018-07-11 | [Dry weather affecting Australian wheat crop \| World-grain.com \| July 11, 2018 12:26 \| World Grain](https://feedsoft.ai/events/63984-dry-weather-affecting-australian-wheat-crop-world-grain-com-july-11-2018-12-26.md) | +3.2% | +8.9% |
| WHEAT | 2022-05-12 | [USDA warns on corn, winter wheat crops due to weather \| 2022-05-12 \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/13363-usda-warns-on-corn-winter-wheat-crops-due-to-weather-2022-05-12-agri-pulse.md) | +5.9% | +0.7% |
| WHEAT | 2019-09-10 | [Lower U.S. crop condition rating lifts corn, soy and wheat also rise \| Financial Post](https://feedsoft.ai/events/9146-lower-u-s-crop-condition-rating-lifts-corn-soy-and-wheat-also-rise-financial.md) | +2.6% | +1.0% |
| WHEAT | 2017-02-24 | [USDA Forum: USDA sees smaller corn, soybean and wheat crops in 2017](https://feedsoft.ai/events/72340-usda-forum-usda-sees-smaller-corn-soybean-and-wheat-crops-in-2017.md) | -0.2% | -2.3% |
| WHEAT | 2026-05-29 | [Wheat growers bear brunt of fall in 2026-27 winter crop](https://feedsoft.ai/events/19232-wheat-growers-bear-brunt-of-fall-in-2026-27-winter-crop.md) | -2.6% | -0.5% |
| CORN | 2022-08-16 | [Soybeans drop 2% on U.S. crop forecast, weather; corn, wheat down 16.08.2022 - UkrAgroConsult](https://feedsoft.ai/events/6532-soybeans-drop-2-on-u-s-crop-forecast-weather-corn-wheat-down-16-08-2022.md) | -3.7% | +2.5% |
| CORN | 2017-08-11 | [U.S. grains: Wheat falls; corn, soy firm - Grainews](https://feedsoft.ai/events/69495-u-s-grains-wheat-falls-corn-soy-firm-grainews.md) | -1.6% | -4.0% |
| CORN | 2022-06-10 | [USDA projects larger than expected U.S. winter wheat crop, unexpectedly boosts 2022-23 corn ending stocks - Pro Farmer](https://feedsoft.ai/events/40894-usda-projects-larger-than-expected-u-s-winter-wheat-crop-unexpectedly-boosts.md) | -1.2% | -1.0% |

## Sources

- agriculture.com: https://www.agriculture.com/wheat-rises-with-russian-crop-uncertainty-corn-falls-on-u-s-weather-8672462

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