# Despite the decrease in the forecast for the harvest in Canada, wheat prices fell by 1.3-3.3%

> StatCan forecasts Canada's 2023/24 wheat output at 29.5 million tons, down 14.2%, below the USDA's 33 million and Reuters poll's 30.4 million. Despite the cut, Chicago SRW fell 3.3%, Kansas City HRW fell 3.3%, Minneapolis spring wheat fell 1.3%, and Euronext fell 1.6% on better US spring wheat and confirmed high Russian harvest.

- Date: 2023-08-30 · published 2023-08-30T12:00:00.000Z
- Category: weather · region Canada · magnitude medium
- Page: https://feedsoft.ai/events/34633-despite-the-decrease-in-the-forecast-for-the-harvest-in-canada-wheat-prices
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Barley](https://feedsoft.ai/c/BARLEY.md)

## Why it matters

A sharper Canadian crop cut is bullish in principle, but prices fell on stronger US and Russian supplies, so global wheat supply remains ample for feed buyers.

## Read by commodity

- WHEAT: bearish ▼
- BARLEY: neutral
- KWHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2024-05-17 | [Forecasts of a good wheat harvest in the US and the EU continue to lower stock prices](https://feedsoft.ai/events/10908-forecasts-of-a-good-wheat-harvest-in-the-us-and-the-eu-continue-to-lower-stock.md) | +19.4% | +8.4% |
| WHEAT | 2022-12-19 | [EU grains harvest in 2023 to recover nearly all lost ground, despite early test from cold - Grain Price News](https://feedsoft.ai/events/38167-eu-grains-harvest-in-2023-to-recover-nearly-all-lost-ground-despite-early-test.md) | -1.5% | -5.0% |
| WHEAT | 2021-03-29 | [Favorable conditions for winter crops, increasing pressure on the prices of new crop wheat](https://feedsoft.ai/events/48163-favorable-conditions-for-winter-crops-increasing-pressure-on-the-prices-of-new.md) | -0.5% | +4.2% |
| WHEAT | 2025-03-25 | [Wheat prices fall amid increased rainfall in the US, Ukraine and Russia, which increases pressure on prices in Ukraine](https://feedsoft.ai/events/25622-wheat-prices-fall-amid-increased-rainfall-in-the-us-ukraine-and-russia-which.md) | -1.9% | +1.7% |
| WHEAT | 2023-01-17 | [Big harvest figures despite weather woes \| Farm Online \| ACT](https://feedsoft.ai/events/37736-big-harvest-figures-despite-weather-woes-farm-online-act.md) | -3.8% | +0.5% |
| KWHEAT | 2024-05-17 | [Forecasts of a good wheat harvest in the US and the EU continue to lower stock prices](https://feedsoft.ai/events/10908-forecasts-of-a-good-wheat-harvest-in-the-us-and-the-eu-continue-to-lower-stock.md) | +5.6% | -6.8% |
| KWHEAT | 2025-03-25 | [Wheat prices fall amid increased rainfall in the US, Ukraine and Russia, which increases pressure on prices in Ukraine](https://feedsoft.ai/events/25622-wheat-prices-fall-amid-increased-rainfall-in-the-us-ukraine-and-russia-which.md) | -3.6% | -5.5% |
| KWHEAT | 2018-04-18 | [Wheat prices fall on US rain, but dry threat remains for winter crop \| Farm Online \| ACT](https://feedsoft.ai/events/65564-wheat-prices-fall-on-us-rain-but-dry-threat-remains-for-winter-crop-farm-online.md) | +2.5% | +6.1% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/despite-the-decrease-in-the-forecast-for-the-harvest-in-canada-wheat-prices-fell-by-1-3-3-3/

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