# Wheat set for second monthly gain as drought cuts US yields - Markets - Business Recorder

> Chicago wheat futures were on track for a second monthly gain after a severe drought reduced production of top-quality US spring wheat. Russia, the largest wheat exporter, also cut its output estimates. Soybeans and corn were set to finish July lower on slowing Chinese demand.

- Date: 2021-07-31 · published 2021-07-31T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/46098-wheat-set-for-second-monthly-gain-as-drought-cuts-us-yields-markets-business
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

Lower US spring wheat and Russian output tightens global wheat supplies and supports export prices, which tends to lift feed wheat alternatives and grain complex prices.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2024-09-27 | [Wheat falls on demand worries, but set for weekly gain - Markets - Business Recorder](https://feedsoft.ai/events/28348-wheat-falls-on-demand-worries-but-set-for-weekly-gain-markets-business-recorder.md) | +0.9% | -6.0% |
| WHEAT | 2021-02-16 | [US MIDDAY: Wheat climbs - Markets - Business Recorder](https://feedsoft.ai/events/9256-us-midday-wheat-climbs-markets-business-recorder.md) | +1.3% | +0.2% |
| WHEAT | 2024-04-23 | [Chicago wheat futures extend gains - Markets - Business Recorder](https://feedsoft.ai/events/12141-chicago-wheat-futures-extend-gains-markets-business-recorder.md) | -1.3% | +22.1% |
| WHEAT | 2020-06-12 | [French wheat crop stable for second week after punishing spring - Markets - Business Recorder](https://feedsoft.ai/events/52548-french-wheat-crop-stable-for-second-week-after-punishing-spring-markets.md) | -1.3% | -4.6% |
| WHEAT | 2021-02-16 | [Wheat at one-week high as freezing US weather in focus - Markets - Business Recorder](https://feedsoft.ai/events/9253-wheat-at-one-week-high-as-freezing-us-weather-in-focus-markets-business-recorder.md) | +1.3% | +0.2% |
| SOY | 2021-01-20 | [Soybeans down for third session on South America rains; wheat, corn fall - Markets - Business Recorder](https://feedsoft.ai/events/8238-soybeans-down-for-third-session-on-south-america-rains-wheat-corn-fall-markets.md) | -1.1% | -0.1% |
| SOY | 2026-06-02 | [Chicago grain falls as US weather lifts crop outlook - Markets - Business Recorder](https://feedsoft.ai/events/10648-chicago-grain-falls-as-us-weather-lifts-crop-outlook-markets-business-recorder.md) | -5.5% | -5.4% |
| SOY | 2025-07-31 | [Wheat down 1-3 cents, corn down 1-2, soybeans down 1-2 - Markets - Business Recorder](https://feedsoft.ai/events/23790-wheat-down-1-3-cents-corn-down-1-2-soybeans-down-1-2-markets-business-recorder.md) | -0.6% | +6.1% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40110351

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