# Crop markets wake up to evolving drought disaster | The Western Producer

> The July 12 USDA report pegged US spring wheat at 345 million bushels, down 41 percent from last year, and durum at 37.2 million bushels. Canola December futures rose above C$900 per tonne and soyoil neared its 2008 high as northern Plains and Western Canada dryness intensified.

- Date: 2021-07-23 · published 2021-07-23T12:00:00.000Z
- Category: weather · region US · magnitude high
- Page: https://feedsoft.ai/events/46115-crop-markets-wake-up-to-evolving-drought-disaster-the-western-producer
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Drought in the northern grain belt is cutting wheat, canola and oilseed supplies, pushing up protein meal and feed grain prices.

## Read by commodity

- SBO: bullish ▲
- WHEAT: bullish ▲
- KWHEAT: bullish ▲
- CANMEAL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2021-09-02 | [Exports to drop as crop shrinks \| The Western Producer](https://feedsoft.ai/events/45047-exports-to-drop-as-crop-shrinks-the-western-producer.md) | +1.3% | +1.1% |
| WHEAT | 2021-08-30 | [Exports to bear brunt of short crop \| The Western Producer](https://feedsoft.ai/events/45541-exports-to-bear-brunt-of-short-crop-the-western-producer.md) | +0.2% | +0.5% |
| WHEAT | 2024-05-29 | [‘Weather market’ resumes role as price driver \| The Western Producer](https://feedsoft.ai/events/30283-weather-market-resumes-role-as-price-driver-the-western-producer.md) | -5.3% | -11.3% |
| WHEAT | 2017-07-27 | [Crop futures higher Thurs. on dry weather \| The Western Producer](https://feedsoft.ai/events/70067-crop-futures-higher-thurs-on-dry-weather-the-western-producer.md) | +6.5% | -1.1% |
| WHEAT | 2023-07-26 | [‘It’s crop insurance territory’ \| The Western Producer](https://feedsoft.ai/events/34993-it-s-crop-insurance-territory-the-western-producer.md) | -0.6% | -3.2% |
| KWHEAT | 2021-08-30 | [Exports to bear brunt of short crop \| The Western Producer](https://feedsoft.ai/events/45541-exports-to-bear-brunt-of-short-crop-the-western-producer.md) | +0.4% | +1.2% |
| KWHEAT | 2017-07-27 | [Crop futures higher Thurs. on dry weather \| The Western Producer](https://feedsoft.ai/events/70067-crop-futures-higher-thurs-on-dry-weather-the-western-producer.md) | -2.3% | -16.4% |
| KWHEAT | 2026-05-05 | [Drought, frost provide lift for U.S. hard red wheat price \| The Western Producer](https://feedsoft.ai/events/19313-drought-frost-provide-lift-for-u-s-hard-red-wheat-price-the-western-producer.md) | -1.3% | -7.0% |

## Sources

- producer.com: https://www.producer.com/markets/crop-markets-wake-up-to-evolving-drought-disaster/

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