# Morning Grains Comments 05/30/24

> Wheat futures fell in all three US markets on May 30 as adverse world growing conditions appeared priced in. Russian analytical services cut its production estimate to 80-82 million tonnes from over 85 million, while Black Sea offers remain plentiful and export sales are weak.

- Date: 2024-05-30 · published 2024-05-30T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/30301-morning-grains-comments-05-30-24
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

Ample world supplies and aggressive Black Sea offers cap wheat prices despite the Russian crop downgrade, keeping feed wheat competitively priced versus corn.

## Read by commodity

- WHEAT: bearish ▼
- KWHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2024-05-27 | 1 | -7.3% | -3.5 | Describes a pullback as adverse conditions looked priced in, with plentiful Black Sea offers and weak export sales; it is dated after the move but points to the same unwinding of the weather premium. |

## Sources

- feedlotmagazine.com: https://www.feedlotmagazine.com/market_reports/morning-grains-comments-05-30-24/article_9bd21a6c-1ea1-11ef-81e7-c36902b8ce82.html

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