# Much Ado About Chicago Wheat Prices

> DTN analyst Todd Hultman notes that China holds 57.6 million bushels of US soft red winter wheat purchases not yet shipped, and that March Chicago wheat is about a nickel higher than on October 2. He says USDA expects the lowest US wheat export total in over 50 years for 2023-24, with Russia dominating world exports at low prices.

- Date: 2024-02-02 · published 2024-02-02T12:00:00.000Z
- Category: trade · region US · magnitude low
- Page: https://feedsoft.ai/events/31706-much-ado-about-chicago-wheat-prices
- Commodities: [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Low US export volume and Russian price competition limit wheat demand support, though potential European and Canadian dryness is a watch item for later in the season.

## Read by commodity

- WHEAT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| KWHEAT | 2018-11-01 | [How long can Russia undercut U.S. wheat prices?](https://feedsoft.ai/events/62069-how-long-can-russia-undercut-u-s-wheat-prices.md) | +1.8% | -5.5% |
| KWHEAT | 2019-01-20 | [Russian wheat prices on rise \| Farm Online \| ACT](https://feedsoft.ai/events/7656-russian-wheat-prices-on-rise-farm-online-act.md) | +0.1% | -8.9% |
| KWHEAT | 2023-09-25 | [Terrain \| Cheap Russian Wheat Puts Lid on U.S. Wheat Prices](https://feedsoft.ai/events/34145-terrain-cheap-russian-wheat-puts-lid-on-u-s-wheat-prices.md) | -6.7% | -5.8% |
| KWHEAT | 2018-10-18 | [Wheat exports, the key to higher prices](https://feedsoft.ai/events/62623-wheat-exports-the-key-to-higher-prices.md) | -4.6% | -7.7% |
| KWHEAT | 2022-11-14 | [Saudi Arabia’s SAGO buys about 1 mln T wheat in tender](https://feedsoft.ai/events/38730-saudi-arabia-s-sago-buys-about-1-mln-t-wheat-in-tender.md) | -1.0% | -6.7% |
| WHEAT | 2018-10-18 | [Wheat exports, the key to higher prices](https://feedsoft.ai/events/62623-wheat-exports-the-key-to-higher-prices.md) | +0.3% | -3.9% |
| WHEAT | 2023-11-02 | [Ag Market Update: Wheat Prices Drop, China Becomes Top Wheat Importer, and Soybean Complex Dynamics - IASG](https://feedsoft.ai/events/33221-ag-market-update-wheat-prices-drop-china-becomes-top-wheat-importer-and-soybean.md) | -1.1% | -0.5% |
| WHEAT | 2018-05-10 | [US challenges India’s wheat, rice subsidies](https://feedsoft.ai/events/65005-us-challenges-india-s-wheat-rice-subsidies.md) | -1.0% | +2.7% |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/article/2024/02/02/much-ado-chicago-wheat-prices

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