# Russia News Boosts Wheat Markets - AG INFORMATION NETWORK OF THE WEST

> Wheat futures rose after Russia lowered its 2020 production forecast, with Chicago July wheat closing at $5.13 1/2. Black Sea weather was reported as better than feared, and funds were noted as heavily short. The article also reported a USDA announcement of $16 billion in direct farm payments that had little market effect.

- Date: 2020-05-21 · published 2020-05-21T12:00:00.000Z
- Category: report · region Black Sea · magnitude medium
- Page: https://feedsoft.ai/events/53172-russia-news-boosts-wheat-markets-ag-information-network-of-the-west
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Live Cattle](https://feedsoft.ai/c/LCATTLE.md), [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

A Russian crop downgrade supports wheat prices, and a large fund short position raises the chance of further short-covering rallies. Feed wheat costs could firm in the near term.

## Read by commodity

- MILK: bullish ▲
- WHEAT: bullish ▲
- KWHEAT: bullish ▲
- LCATTLE: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2022-10-20 | [AFBF Farm Bil Priorities and WASDE Estimates Mixed - AG INFORMATION NETWORK OF THE WEST](https://feedsoft.ai/events/39099-afbf-farm-bil-priorities-and-wasde-estimates-mixed-ag-information-network-of.md) | -0.2% | +2.0% |
| WHEAT | 2017-05-18 | [Good news on wheat markets is hrd to find.](https://feedsoft.ai/events/71033-good-news-on-wheat-markets-is-hrd-to-find.md) | +3.0% | +1.9% |
| WHEAT | 2022-03-10 | [Impacts of Russia-Ukraine War On Grain Markets Detailed In USDA Report \| Hoosier Ag Today](https://feedsoft.ai/events/42325-impacts-of-russia-ukraine-war-on-grain-markets-detailed-in-usda-report-hoosier.md) | -3.3% | +4.6% |
| WHEAT | 2018-06-13 | [Wheat Prices Rally on Lower U.S. Winter Wheat Production Estimate - Northern Ag Network](https://feedsoft.ai/events/64483-wheat-prices-rally-on-lower-u-s-winter-wheat-production-estimate-northern-ag.md) | -2.0% | -8.2% |
| WHEAT | 2021-05-27 | [World Wheat Market Factors to Watch in the New U.S. Marketing Year](https://feedsoft.ai/events/47134-world-wheat-market-factors-to-watch-in-the-new-u-s-marketing-year.md) | -1.6% | -2.9% |
| KWHEAT | 2017-05-18 | [Good news on wheat markets is hrd to find.](https://feedsoft.ai/events/71033-good-news-on-wheat-markets-is-hrd-to-find.md) | +1.5% | +9.1% |
| KWHEAT | 2020-01-27 | [Hard Times on Hard Red Winter Wheat - Northern Ag Network](https://feedsoft.ai/events/8056-hard-times-on-hard-red-winter-wheat-northern-ag-network.md) | -4.2% | -6.9% |
| KWHEAT | 2022-03-10 | [Impacts of Russia-Ukraine War On Grain Markets Detailed In USDA Report \| Hoosier Ag Today](https://feedsoft.ai/events/42325-impacts-of-russia-ukraine-war-on-grain-markets-detailed-in-usda-report-hoosier.md) | -3.1% | -1.9% |

## Sources

- aginfo.net: https://www.aginfo.net/report/46033/Russia-News-Boosts-Wheat-Markets

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