# Wheat Closes up 38¢ | Monday, May 20, 2024

> CBOT wheat closed up about 38 cents on May 20, 2024, with KC and Minneapolis wheat also higher. Crop damage in Russia and Ukraine from frost and drought, plus Russian export offers jumping $18 a ton, drove the rally.

- Date: 2024-05-20 · published 2024-05-20T12:00:00.000Z
- Category: weather · region Black Sea · magnitude medium
- Page: https://feedsoft.ai/events/4596-wheat-closes-up-38-monday-may-20-2024
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Reported Black Sea crop losses and higher export offers tighten global wheat supply, supporting prices and potentially raising US wheat demand.

## Read by commodity

- SOY: bullish ▲
- CORN: bullish ▲
- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2024-05-20 | 1 | +12.8% | 10.4 | Directly describes the May 20 CBOT wheat rally of ~38 cents driven by frost and drought damage in Russia and Ukraine and a $18/t jump in Russian export offers, which tightens supply and raises export price benchmarks. |
| WHEAT | 2024-05-21 | 5 | +19.2% | 6.4 | CBOT wheat closed up about 38 cents on May 20 on frost and drought damage in Russia and Ukraine and a jump in Russian export offers. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2024-12-31 | [Corn Closes Up 6¢ \| Tuesday, Dec. 31, 2024](https://feedsoft.ai/events/27100-corn-closes-up-6-tuesday-dec-31-2024.md) | -1.7% | +1.2% |
| WHEAT | 2024-06-01 | [May 2024 ENSO update: we’re 10!](https://feedsoft.ai/events/30148-may-2024-enso-update-we-re-10.md) | -5.6% | -12.3% |
| WHEAT | 2025-03-17 | [Wheat and Livestock Soar on Monday - AgWeb](https://feedsoft.ai/events/5621-wheat-and-livestock-soar-on-monday-agweb.md) | +5.3% | +2.5% |
| WHEAT | 2018-05-04 | [Wheat prices up from Dec. 2017 levels](https://feedsoft.ai/events/65061-wheat-prices-up-from-dec-2017-levels.md) | -4.0% | -1.3% |
| WHEAT | 2025-04-23 | [Black Sea may hold back world wheat supplies into 2026](https://feedsoft.ai/events/14211-black-sea-may-hold-back-world-wheat-supplies-into-2026.md) | -1.8% | -4.3% |
| KWHEAT | 2017-05-02 | [Cold damage pushes wheat market up](https://feedsoft.ai/events/7005-cold-damage-pushes-wheat-market-up.md) | -4.5% | -4.3% |
| KWHEAT | 2025-03-17 | [Wheat and Livestock Soar on Monday - AgWeb](https://feedsoft.ai/events/5621-wheat-and-livestock-soar-on-monday-agweb.md) | +2.7% | -1.0% |
| KWHEAT | 2018-05-04 | [Wheat prices up from Dec. 2017 levels](https://feedsoft.ai/events/65061-wheat-prices-up-from-dec-2017-levels.md) | -7.3% | -1.2% |

## Sources

- agriculture.com: https://www.agriculture.com/wheat-surges-32cent-or-monday-may-20-2024-8651068

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