# A new decline in crop forecasts for the US, Canada and Russia continued to raise wheat prices

> The IGC cut its global wheat production forecast by 1 million tons to 788 million tons and lowered final stocks by 3 million tons. Russia's Hydrometeorological Center reduced its grain crop forecast by 11 million tons to 121 million tons. Chicago, Kansas City and Minneapolis wheat futures rose by about $5-6 per ton.

- Date: 2021-07-30 · published 2021-07-30T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/46103-a-new-decline-in-crop-forecasts-for-the-us-canada-and-russia-continued-to-raise
- Commodities: [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Downgrades from the IGC and Russian forecasters reduce export supply, supporting wheat prices and raising the cost of wheat used in feed rations.

## Read by commodity

- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| KWHEAT | 2022-10-24 | [Canada lifts grain price forecasts, as it upgrades wheat export hopes - Grain Price News](https://feedsoft.ai/events/39181-canada-lifts-grain-price-forecasts-as-it-upgrades-wheat-export-hopes-grain.md) | -2.5% | -1.5% |
| KWHEAT | 2022-11-21 | [Canada lifts canola, durum, wheat price forecasts, amid hopes for export revivals - Grain Price News](https://feedsoft.ai/events/38787-canada-lifts-canola-durum-wheat-price-forecasts-amid-hopes-for-export-revivals.md) | -3.2% | -9.7% |
| KWHEAT | 2019-11-20 | [Wheat prices rose on the results of the tender and data on crops in the United States](https://feedsoft.ai/events/11888-wheat-prices-rose-on-the-results-of-the-tender-and-data-on-crops-in-the-united.md) | +1.6% | +8.6% |
| KWHEAT | 2022-09-30 | [Key data in USDA stocks and wheat harvest reports, and difference from market forecasts - Grain Price News](https://feedsoft.ai/events/39554-key-data-in-usda-stocks-and-wheat-harvest-reports-and-difference-from-market.md) | -0.2% | -3.6% |
| KWHEAT | 2022-04-22 | [U.S. wheat prices surge in wake of Russia-Ukraine conflict \| Economic Research Service](https://feedsoft.ai/events/41884-u-s-wheat-prices-surge-in-wake-of-russia-ukraine-conflict-economic-research.md) | -0.1% | +13.8% |
| WHEAT | 2017-04-25 | [FAS USDA forecasts sharp decline of the wheat and barley crops in Australia](https://feedsoft.ai/events/71463-fas-usda-forecasts-sharp-decline-of-the-wheat-and-barley-crops-in-australia.md) | +3.6% | +2.1% |
| WHEAT | 2022-10-24 | [Canada lifts grain price forecasts, as it upgrades wheat export hopes - Grain Price News](https://feedsoft.ai/events/39181-canada-lifts-grain-price-forecasts-as-it-upgrades-wheat-export-hopes-grain.md) | -0.6% | +1.5% |
| WHEAT | 2022-11-21 | [Canada lifts canola, durum, wheat price forecasts, amid hopes for export revivals - Grain Price News](https://feedsoft.ai/events/38787-canada-lifts-canola-durum-wheat-price-forecasts-amid-hopes-for-export-revivals.md) | +0.2% | -2.4% |

## Sources

- graintrade.com.ua: https://graintrade.com.ua/en/novosti/nove-znizhennya-prognoziv-vrozhayu-dlya-ssha-kanadi-ta-rosii-prodovzhilo-pidnimati-tcini-n.html

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