# Wheat Extends Gains on Tight Supply Outlook Due to Poor Weather - Bloomberg

> Wheat rose for a second session as poor weather in major exporting countries threatened production. Coceral cut its 2024 harvest forecast for the UK and EU, Western Australia reduced its wheat crop outlook on dry weather, and parched fields in the Black Sea region threaten next year's plantings.

- Date: 2024-09-23 · published 2024-09-23T12:00:00.000Z
- Category: weather · region Global · magnitude medium
- Page: https://feedsoft.ai/events/5604-wheat-extends-gains-on-tight-supply-outlook-due-to-poor-weather-bloomberg
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

Lower harvest estimates from several major exporters tighten global wheat supply and support prices, with Black Sea dryness adding risk to the 2025 crop.

## Read by commodity

- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2024-09-24 | 5 | +11.7% | 2.8 | Cuts to UK/EU and Western Australian crop outlooks plus dry Black Sea fields tightened the supply outlook and extended the rally on Sept 23. |
| WHEAT | 2024-09-23 | 1 | +7.3% | 6.1 | Published on the move date, it reports wheat gains driven by supply threats from weather in major exporters (EU/UK cuts, Western Australia dryness, Black Sea dryness), a direct supply-side driver. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2026-05-12 | [Wheat Extends Gains as Poor Weather Worsens US Crop Conditions - Bloomberg](https://feedsoft.ai/events/10790-wheat-extends-gains-as-poor-weather-worsens-us-crop-conditions-bloomberg.md) | -0.0% | -3.8% |
| WHEAT | 2025-05-09 | [Tight Wheat Supply Leaves Prices at Mercy of Any Weather Shocks - Bloomberg](https://feedsoft.ai/events/24707-tight-wheat-supply-leaves-prices-at-mercy-of-any-weather-shocks-bloomberg.md) | -0.1% | -2.5% |
| 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 | 2023-08-02 | [Weather woes, Russia upend outlook for global wheat suppliers \| Reuters](https://feedsoft.ai/events/34622-weather-woes-russia-upend-outlook-for-global-wheat-suppliers-reuters.md) | +0.8% | -7.4% |
| WHEAT | 2024-10-17 | [La Niña-like extended weather outlook - Pro Farmer](https://feedsoft.ai/events/27783-la-nina-like-extended-weather-outlook-pro-farmer.md) | -1.1% | -2.1% |
| KWHEAT | 2026-05-12 | [Wheat Extends Gains as Poor Weather Worsens US Crop Conditions - Bloomberg](https://feedsoft.ai/events/10790-wheat-extends-gains-as-poor-weather-worsens-us-crop-conditions-bloomberg.md) | -2.3% | -13.8% |
| KWHEAT | 2023-08-02 | [Weather woes, Russia upend outlook for global wheat suppliers \| Reuters](https://feedsoft.ai/events/34622-weather-woes-russia-upend-outlook-for-global-wheat-suppliers-reuters.md) | -4.2% | -11.2% |
| KWHEAT | 2024-10-17 | [La Niña-like extended weather outlook - Pro Farmer](https://feedsoft.ai/events/27783-la-nina-like-extended-weather-outlook-pro-farmer.md) | -0.6% | -8.2% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2024-09-23/wheat-extends-gains-on-tight-supply-outlook-due-to-poor-weather

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