# EU wheat surges to record as supplies continue to tighten | Saxo

> Paris milling wheat prices reached a record above the 2008 high of €295.5 a tonne, while Chicago wheat traded above $8 a bushel for the first time since 2012. The rally is attributed to a poor North American harvest, a 14% year-on-year drop in Russian exports, and strong buying from China and North Africa and the Middle East.

- Date: 2021-06-16 · published 2021-06-16T12:00:00.000Z
- Category: weather · region Europe · magnitude medium
- Page: https://feedsoft.ai/events/46640-eu-wheat-surges-to-record-as-supplies-continue-to-tighten-saxo
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Tight global supply and firm import demand push wheat prices higher across origins. Expected 2022 weather risks and high fertiliser costs could keep prices supported.

## Read by commodity

- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2021-05-06 | [Corn jumps 1.2% to 2013 high on tightening global supplies; wheat firms](https://feedsoft.ai/events/11302-corn-jumps-1-2-to-2013-high-on-tightening-global-supplies-wheat-firms.md) | +4.6% | -1.5% |
| WHEAT | 2023-10-09 | [Wheat rises as dry weather fans fears of tighter supply](https://feedsoft.ai/events/33576-wheat-rises-as-dry-weather-fans-fears-of-tighter-supply.md) | +5.3% | +5.3% |
| WHEAT | 2019-07-31 | [Dryness in Europe tightening wheat supply -  Premium](https://feedsoft.ai/events/58153-dryness-in-europe-tightening-wheat-supply-premium.md) | -1.2% | -0.4% |
| WHEAT | 2022-03-09 | [US Winter Wheat Production Won’t Ease Tight Global Supplies](https://feedsoft.ai/events/42322-us-winter-wheat-production-won-t-ease-tight-global-supplies.md) | -3.1% | +3.6% |
| WHEAT | 2022-06-16 | [Internal woes blunt Argentina’s wheat export clout amid tight global supplies - Fastmarkets](https://feedsoft.ai/events/14031-internal-woes-blunt-argentina-s-wheat-export-clout-amid-tight-global-supplies.md) | -2.3% | -13.8% |

## Sources

- home.saxo: https://www.home.saxo/content/articles/commodities/eu-wheat-surges-to-record-as-supplies-continue-to-tighten-02112021

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