# New contract lows for crops - Agweek | #1 source for agriculture news, farming, markets

> Wheat futures fell sharply in the week to 15 July on rain forecasts for Russia and Ukraine and a rise in US spring wheat ratings. France cut its wheat estimate to 36.1 million tonnes, SovEcon lowered Russia's crop to 69.6 million tonnes, and Strategie Grains cut EU soft wheat to 132.4 million tonnes.

- Date: 2018-07-15 · published 2018-07-15T12:00:00.000Z
- Category: weather · region Global · magnitude medium
- Page: https://feedsoft.ai/events/5849-new-contract-lows-for-crops-agweek-1-source-for-agriculture-news-farming-markets
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Lower Russian and EU crop estimates are supportive, but Black Sea rains and a large managed-money short in Minneapolis wheat outweigh them, pushing prices to contract lows.

## Read by commodity

- WHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2018-07-16 | 1 | +3.2% | 3.4 | Weekly report to 15 July says wheat futures fell sharply on Russia/Ukraine rain forecasts, better US spring wheat ratings and EU/Russia crop estimate changes, which sets the backdrop for the 1-day move ending 16 July. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2023-12-22 | [Grains respond to continued hot, dry weather in Brazil - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/11282-grains-respond-to-continued-hot-dry-weather-in-brazil-agweek-1-source-for.md) | +0.9% | +1.5% |
| WHEAT | 2022-07-15 | [Weather and recession fears trump USDA report - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/5593-weather-and-recession-fears-trump-usda-report-agweek-1-source-for-agriculture.md) | +8.2% | +8.9% |
| WHEAT | 2016-06-20 | [Corn sags 3 percent as forecast rains trigger long liquidation - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/9745-corn-sags-3-percent-as-forecast-rains-trigger-long-liquidation-agweek-1-source.md) | +2.7% | -8.2% |
| WHEAT | 2019-09-07 | [Tumbling into September — this week in the grain markets - RealAgriculture](https://feedsoft.ai/events/9143-tumbling-into-september-this-week-in-the-grain-markets-realagriculture.md) | -0.8% | +4.6% |
| WHEAT | 2021-06-18 | [Farming News - Wheat & Oilseed market update from ADM - UK wheat conditions continue to improve](https://feedsoft.ai/events/7307-farming-news-wheat-and-oilseed-market-update-from-adm-uk-wheat-conditions.md) | -7.5% | -11.2% |

## Sources

- agweek.com: https://www.agweek.com/opinion/new-contract-lows-for-crops

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