# Wheat prices fell again by 2.2-4.8% on the background of increased acreage in Canada

> Wheat futures fell 2.2 to 4.8% on June 29 after Statistics Canada reported that Canadian wheat area will rise 6.4% to 27.02 million acres, the highest in 20 years. Kansas City HRW fell 4.8% to $294.2/t and Chicago SRW fell 4.7%. MARS projects Kazakhstan wheat output down 13% in 2023/24.

- Date: 2023-06-29 · published 2023-06-29T12:00:00.000Z
- Category: report · region Canada · magnitude medium
- Page: https://feedsoft.ai/events/35514-wheat-prices-fell-again-by-2-2-4-8-on-the-background-of-increased-acreage-in
- Commodities: [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

A larger Canadian crop adds to global wheat supply and weighs on prices, while Kazakh declines are a modest offset. Lower wheat values may make wheat more competitive in feed rations.

## Read by commodity

- WHEAT: bearish ▼
- KWHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| KWHEAT | 2023-05-31 | [Wheat prices fell by 2.5-4.7% against the background of the acceleration of sowing in the USA and an increase in crop forecasts in the EU and the Russia](https://feedsoft.ai/events/35987-wheat-prices-fell-by-2-5-4-7-against-the-background-of-the-acceleration-of.md) | +4.7% | +2.2% |
| KWHEAT | 2024-07-29 | [Wheat prices in the US fell to the lowest level since 2020](https://feedsoft.ai/events/29288-wheat-prices-in-the-us-fell-to-the-lowest-level-since-2020.md) | +2.6% | -4.7% |
| KWHEAT | 2024-11-26 | [Improved crop condition in the US and accelerated harvest in Australia and Argentina increase pressure on wheat prices](https://feedsoft.ai/events/11780-improved-crop-condition-in-the-us-and-accelerated-harvest-in-australia-and.md) | -4.0% | -0.5% |
| KWHEAT | 2020-08-26 | [Wheat acreage decline - AG INFORMATION NETWORK OF THE WEST](https://feedsoft.ai/events/51656-wheat-acreage-decline-ag-information-network-of-the-west.md) | +8.8% | +9.0% |
| KWHEAT | 2023-12-19 | [Increasing forecasts of wheat harvest and exports from Canada lowers quotations in the US](https://feedsoft.ai/events/32746-increasing-forecasts-of-wheat-harvest-and-exports-from-canada-lowers-quotations.md) | +2.4% | -3.6% |
| WHEAT | 2023-05-31 | [Wheat prices fell by 2.5-4.7% against the background of the acceleration of sowing in the USA and an increase in crop forecasts in the EU and the Russia](https://feedsoft.ai/events/35987-wheat-prices-fell-by-2-5-4-7-against-the-background-of-the-acceleration-of.md) | -3.2% | +9.0% |
| WHEAT | 2019-10-08 | [The increase in wheat prices reduces demand](https://feedsoft.ai/events/5902-the-increase-in-wheat-prices-reduces-demand.md) | +4.5% | +2.1% |
| WHEAT | 2024-07-29 | [Wheat prices in the US fell to the lowest level since 2020](https://feedsoft.ai/events/29288-wheat-prices-in-the-us-fell-to-the-lowest-level-since-2020.md) | -4.2% | -6.9% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/wheat-prices-fell-again-by-2-2-4-8-on-the-background-of-increased-acreage-in-canada/

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