# ‘Weather market’ resumes role as price driver | The Western Producer

> Wheat prices in Chicago rose 33% over the past two months after hitting a four-year low, as concerns over lower output grew. Frosts and drought in Russia, flooding in parts of Europe, leafhopper damage in Argentina and planting delays in the U.S. have prompted analysts to cut some crop and export forecasts.

- Date: 2024-05-29 · published 2024-05-29T12:00:00.000Z
- Category: weather · region Global · magnitude medium
- Page: https://feedsoft.ai/events/30283-weather-market-resumes-role-as-price-driver-the-western-producer
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Weather-driven cuts to Russian, EU and Argentine supplies are tightening the outlook after expectations of a glut, which supports wheat and corn prices. Buyers should expect firmer grain costs while weather risks persist.

## Read by commodity

- CORN: bullish ▲
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2017-07-27 | [Crop futures higher Thurs. on dry weather \| The Western Producer](https://feedsoft.ai/events/70067-crop-futures-higher-thurs-on-dry-weather-the-western-producer.md) | +6.5% | -1.1% |
| WHEAT | 2021-09-02 | [Exports to drop as crop shrinks \| The Western Producer](https://feedsoft.ai/events/45047-exports-to-drop-as-crop-shrinks-the-western-producer.md) | +1.3% | +1.1% |
| WHEAT | 2021-07-23 | [Crop markets wake up to evolving drought disaster \| The Western Producer](https://feedsoft.ai/events/46115-crop-markets-wake-up-to-evolving-drought-disaster-the-western-producer.md) | -0.4% | +1.0% |
| WHEAT | 2026-05-05 | [Drought, frost provide lift for U.S. hard red wheat price \| The Western Producer](https://feedsoft.ai/events/19313-drought-frost-provide-lift-for-u-s-hard-red-wheat-price-the-western-producer.md) | +1.8% | -0.2% |
| WHEAT | 2020-04-04 | [Wheat Market Stabilizes, as the Black Sea Weather Remains Dry](https://feedsoft.ai/events/53686-wheat-market-stabilizes-as-the-black-sea-weather-remains-dry.md) | +2.3% | +1.8% |
| CORN | 2017-07-27 | [Crop futures higher Thurs. on dry weather \| The Western Producer](https://feedsoft.ai/events/70067-crop-futures-higher-thurs-on-dry-weather-the-western-producer.md) | -1.3% | -7.0% |
| CORN | 2022-11-03 | [Rising input costs may overwhelm cattle prices \| The Western Producer](https://feedsoft.ai/events/7224-rising-input-costs-may-overwhelm-cattle-prices-the-western-producer.md) | -0.6% | -3.9% |
| CORN | 2021-09-02 | [Exports to drop as crop shrinks \| The Western Producer](https://feedsoft.ai/events/45047-exports-to-drop-as-crop-shrinks-the-western-producer.md) | -3.0% | -5.5% |

## Sources

- producer.com: https://www.producer.com/markets/weather-market-resumes-role-as-price-driver/

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