# Wheat quotations on us exchanges rose sharply

> US wheat futures rose sharply on forecasts of hot, dry weather across the US Midwest and Plains, with July Kansas HRW, Minneapolis spring wheat and Chicago SRW all gaining several dollars per tonne. The IGC's May report raised 2020/21 world wheat output to 766 million tonnes while cutting consumption, and the European Commission lowered its EU soft wheat forecast to 122.5 million tonnes. A weaker dollar also supported prices.

- Date: 2020-05-29 · published 2020-05-29T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/53175-wheat-quotations-on-us-exchanges-rose-sharply
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Dry US weather and a smaller EU crop tighten new-crop wheat supply, which tends to lift wheat as a feed-grain substitute and supports feed costs. Offsetting record world stocks limit the upside.

## Read by commodity

- DXY: bearish ▼
- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2021-05-05 | [Uncertainty on wheat exchanges leads to sharp price spikes](https://feedsoft.ai/events/7706-uncertainty-on-wheat-exchanges-leads-to-sharp-price-spikes.md) | +5.2% | -1.0% |
| WHEAT | 2018-07-31 | [Sharp rally for wheat futures \| VIC](https://feedsoft.ai/events/64074-sharp-rally-for-wheat-futures-vic.md) | +4.1% | +1.3% |
| WHEAT | 2023-11-30 | [Forecasts of a decrease in the production of wheat and rapeseed in the EU in 2024/25 MY support quotations](https://feedsoft.ai/events/33128-forecasts-of-a-decrease-in-the-production-of-wheat-and-rapeseed-in-the-eu-in.md) | +1.2% | +0.0% |
| WHEAT | 2019-05-21 | [Wet US conditions boost corn wheat prices \| Saxo](https://feedsoft.ai/events/5630-wet-us-conditions-boost-corn-wheat-prices-saxo.md) | -13.2% | -6.0% |
| WHEAT | 2018-06-26 | [Wheat price drives up rations - Farmers Weekly](https://feedsoft.ai/events/11645-wheat-price-drives-up-rations-farmers-weekly.md) | -4.9% | -0.0% |
| KWHEAT | 2021-05-05 | [Uncertainty on wheat exchanges leads to sharp price spikes](https://feedsoft.ai/events/7706-uncertainty-on-wheat-exchanges-leads-to-sharp-price-spikes.md) | +1.7% | -8.3% |
| KWHEAT | 2018-07-31 | [Sharp rally for wheat futures \| VIC](https://feedsoft.ai/events/64074-sharp-rally-for-wheat-futures-vic.md) | +7.0% | -8.4% |
| KWHEAT | 2024-05-22 | [Russian wheat shortfall a boon to US exporters of ... corn?](https://feedsoft.ai/events/4590-russian-wheat-shortfall-a-boon-to-us-exporters-of-corn.md) | +2.6% | -15.6% |

## Sources

- graintrade.com.ua: https://graintrade.com.ua/en/novosti/pshenichni-kotiruvannya-na-amerikanskih-birzhah-rizko-virosli.html

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