# Chicago Wheat Offers Surprise Rally in May

> July Chicago wheat closed near $7 a bushel for the first time since August 2023, after rising for a third time in five weeks. Fund short positions were covered as dry conditions in Black Sea wheat areas intensified. USDA's May report estimated 2024 SRW production at 344 million bushels, down 23% from last year.

- Date: 2024-05-28 · published 2024-05-28T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/30290-chicago-wheat-offers-surprise-rally-in-may
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

Fund buying and weather-driven Black Sea stress are pushing wheat prices higher, which raises feed grain costs for buyers.

## Read by commodity

- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2024-05-27 | 1 | -7.3% | -3.5 | Wheat had rallied to near $7 on fund short covering and Black Sea dryness, so the market was overextended and exposed to a sharp liquidation drop; the article describes the rally rather than the drop itself. |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/article/2024/05/28/chicago-wheat-offers-surprise-rally-2

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