# Wheat prices are recovering amid increased demand and lower crop forecasts

> Wheat quotations recovered after falling to their lowest since 2021, supported by speculative buying and importer purchases. ABARES forecasts Australian 2023/24 wheat output down 34% to 26.2 million tonnes on El Niño-related dryness, while Russian inspectors have halted Black Sea grain corridor inspections since May 31.

- Date: 2023-06-06 · published 2023-06-06T12:00:00.000Z
- Category: weather · region Australia · magnitude medium
- Page: https://feedsoft.ai/events/35513-wheat-prices-are-recovering-amid-increased-demand-and-lower-crop-forecasts
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

Lower Australian output and Black Sea logistics risk tighten wheat export supplies and support prices. Feed buyers may see wheat as a firmer alternative to corn in coming months.

## Read by commodity

- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2020-09-24 | [Wheat prices rose because of lower production forecast for Argentina](https://feedsoft.ai/events/10435-wheat-prices-rose-because-of-lower-production-forecast-for-argentina.md) | +6.7% | +11.0% |
| WHEAT | 2023-02-14 | [Wheat prices are supported by forecasts of a reduced harvest next season](https://feedsoft.ai/events/37374-wheat-prices-are-supported-by-forecasts-of-a-reduced-harvest-next-season.md) | -1.2% | -7.6% |
| WHEAT | 2017-06-27 | [EU Crop Monitor MARS lowers forecasts for wheat, barley](https://feedsoft.ai/events/70430-eu-crop-monitor-mars-lowers-forecasts-for-wheat-barley.md) | +3.2% | -2.8% |
| WHEAT | 2021-09-14 | [Paris wheat and rapeseed rally on Canada crop forecasts - Markets - Business Recorder](https://feedsoft.ai/events/45015-paris-wheat-and-rapeseed-rally-on-canada-crop-forecasts-markets-business.md) | -3.3% | +4.8% |
| WHEAT | 2026-02-26 | [Wheat export declared amid looming weather risk to crop](https://feedsoft.ai/events/20586-wheat-export-declared-amid-looming-weather-risk-to-crop.md) | +0.3% | +1.4% |
| KWHEAT | 2023-02-14 | [Wheat prices are supported by forecasts of a reduced harvest next season](https://feedsoft.ai/events/37374-wheat-prices-are-supported-by-forecasts-of-a-reduced-harvest-next-season.md) | -0.9% | -10.8% |
| KWHEAT | 2026-02-26 | [Wheat export declared amid looming weather risk to crop](https://feedsoft.ai/events/20586-wheat-export-declared-amid-looming-weather-risk-to-crop.md) | +2.3% | +11.8% |
| KWHEAT | 2020-10-01 | [Wheat price increases 34 cents in one day](https://feedsoft.ai/events/8789-wheat-price-increases-34-cents-in-one-day.md) | +6.8% | +6.6% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/wheat-prices-are-recovering-amid-increased-demand-and-lower-crop-forecasts/

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