# Lessons from the recent volatility - Mecardo

> Chicago SRW wheat futures gave back a May-June rally that had been driven largely by speculators exiting short positions. Prices have returned to early-May levels as US harvest pressure and improving Black Sea weather weighed. The latest WASDE trimmed 8 million tonnes from global wheat supply, mainly from Russia.

- Date: 2024-06-25 · published 2024-06-25T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/29798-lessons-from-the-recent-volatility-mecardo
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

The reversal shows that harvest pressure can override supply cuts in the short term, though tighter Russian output still supports prices into late season.

## Read by commodity

- WHEAT: bearish ▼
- KWHEAT: bearish ▼

## Sources

- mecardo.com.au: https://mecardo.com.au/lessons-from-the-recent-volatility/

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