# 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

> Wheat prices fell 2.5-4.7% after U.S. planting accelerated and EU and Russian crop forecasts rose. SovEkon raised Russia's 2023/24 wheat forecast by 1.2 million tons to 88 million tons, and Russian May exports were strong.

- Date: 2023-05-31 · published 2023-05-31T12:00:00.000Z
- Category: report · region Russia · magnitude low
- Page: https://feedsoft.ai/events/35987-wheat-prices-fell-by-2-5-4-7-against-the-background-of-the-acceleration-of
- Commodities: [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Higher Russian and EU crop estimates and fast export pace weigh on global wheat prices, making wheat cheaper as a feed alternative.

## Read by commodity

- WHEAT: bearish ▼
- KWHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| KWHEAT | 2023-06-29 | [Wheat prices fell again by 2.2-4.8% on the background of increased acreage in Canada](https://feedsoft.ai/events/35514-wheat-prices-fell-again-by-2-2-4-8-on-the-background-of-increased-acreage-in.md) | +5.3% | +8.2% |
| 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 | 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% |
| KWHEAT | 2024-08-13 | [Despite lower production and inventory forecasts in the USDA report, wheat exchange prices fell](https://feedsoft.ai/events/28812-despite-lower-production-and-inventory-forecasts-in-the-usda-report-wheat.md) | -1.4% | +5.7% |
| KWHEAT | 2021-03-18 | [The higher forecast production in the new season lowers the price of wheat old crop](https://feedsoft.ai/events/48191-the-higher-forecast-production-in-the-new-season-lowers-the-price-of-wheat-old.md) | -4.1% | +1.1% |
| WHEAT | 2023-06-29 | [Wheat prices fell again by 2.2-4.8% on the background of increased acreage in Canada](https://feedsoft.ai/events/35514-wheat-prices-fell-again-by-2-2-4-8-on-the-background-of-increased-acreage-in.md) | -8.3% | -8.2% |
| WHEAT | 2022-06-22 | [Accelerating harvesting in the United States and raising harvest forecasts for Russia are lowering wheat prices 22.06.2022 - UkrAgroConsult](https://feedsoft.ai/events/12702-accelerating-harvesting-in-the-united-states-and-raising-harvest-forecasts-for.md) | +1.8% | -4.6% |
| WHEAT | 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) | -0.1% | +2.1% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/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/

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