# International wheat futures surge on Ukrainian port bombings | Farm Online | ACT

> Wheat futures reversed a prior rally, losing almost all gains from the previous week as forecasts improved for US corn states, and rains fell over the EU, Russia and Australia. December SRW fell more than 100 cents in six sessions after rallying about 115 cents, while HRW held its trading range.

- Date: 2023-07-28 · published 2023-07-28T12:00:00.000Z
- Category: weather · region Global · magnitude medium
- Page: https://feedsoft.ai/events/35090-international-wheat-futures-surge-on-ukrainian-port-bombings-farm-online-act
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Improved rainfall forecasts reduce production risk across major exporters, easing wheat and corn prices. Lower feed grain costs help buyers, though the market remains sensitive to weather.

## Read by commodity

- CORN: bearish ▼
- WHEAT: bearish ▼
- KWHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| KWHEAT | 2023-08-03 | 5 | -12.1% | -3.0 | Wheat futures gave back nearly all the prior week's gains as weather forecasts improved and rains fell in the EU, Russia and Australia, which reduced supply concerns; HRW was more range-bound, so the link is partial. |
| CORN | 2023-08-03 | 5 | -11.7% | -4.5 | Improved forecasts for US corn states and rains elsewhere erased the prior grain rally, with wheat reversing sharply and dragging corn lower. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 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) | +0.1% | -0.9% |
| WHEAT | 2024-08-23 | [Wheat prices in Ukraine fall under pressure from falling world prices](https://feedsoft.ai/events/28813-wheat-prices-in-ukraine-fall-under-pressure-from-falling-world-prices.md) | -0.2% | +2.8% |
| WHEAT | 2025-11-12 | [Weather having impact on wheat futures, supply \| World Grain](https://feedsoft.ai/events/21894-weather-having-impact-on-wheat-futures-supply-world-grain.md) | +2.1% | +0.9% |
| WHEAT | 2020-04-27 | [A solid export surplus sought \| Farm Online \| ACT](https://feedsoft.ai/events/53614-a-solid-export-surplus-sought-farm-online-act.md) | -0.5% | +0.4% |
| WHEAT | 2024-10-29 | [Bumper harvest in Queensland, NSW push national crop to average \| Farm Online \| ACT](https://feedsoft.ai/events/27831-bumper-harvest-in-queensland-nsw-push-national-crop-to-average-farm-online-act.md) | +0.3% | -1.5% |
| 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% |
| KWHEAT | 2024-08-23 | [Wheat prices in Ukraine fall under pressure from falling world prices](https://feedsoft.ai/events/28813-wheat-prices-in-ukraine-fall-under-pressure-from-falling-world-prices.md) | +3.1% | +6.6% |
| KWHEAT | 2025-11-12 | [Weather having impact on wheat futures, supply \| World Grain](https://feedsoft.ai/events/21894-weather-having-impact-on-wheat-futures-supply-world-grain.md) | +0.5% | -1.4% |

## Sources

- farmonline.com.au: https://www.farmonline.com.au/story/8282283/buyers-out-bidding-each-other/

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