# U.S. grains: Wheat futures sink on rains, global supplies - Grainews

> U.S. wheat futures fell to fresh lows on May 1 amid ample world supplies, weak U.S. export demand and beneficial Plains and Midwest rains. Corn also slumped on favorable Midwest planting forecasts and lagging export sales.

- Date: 2023-05-01 · published 2023-05-01T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/35985-u-s-grains-wheat-futures-sink-on-rains-global-supplies-grainews
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Ample global wheat supply and weak export demand pressure grain prices, cheapening wheat as a feed ingredient relative to corn.

## Read by commodity

- SOY: neutral
- CORN: bearish ▼
- WHEAT: bearish ▼
- KWHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| KWHEAT | 2023-05-02 | 1 | +7.4% | 4.6 | On May 1 wheat futures fell to fresh lows on beneficial Plains rains, ample global supplies and weak exports, so the downtrend and bearish fundamentals carried into May 2. |
| KWHEAT | 2023-05-07 | 5 | +15.5% | 3.4 | On May 1 wheat futures fell to fresh lows on Plains rains, ample global supplies and weak exports, creating the low starting point for the 5-day swing. |

## Sources

- grainews.ca: https://www.grainews.ca/daily/u-s-grains-wheat-futures-sink-on-rains-global-supplies/

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