# U.S. grains: Wheat jumps to one-month top - AgCanada

> CBOT May wheat rose about 4% on Monday to a one-month high, driven by flour millers buying amid consumer stockpiling during COVID-19. Chinese importers bought 340,000 tonnes of US hard red winter wheat, their first such purchase since 2017. Soybeans rose on soymeal demand, while corn was little changed as ethanol margins were squeezed by lower crude.

- Date: 2020-03-23 · published 2020-03-23T12:00:00.000Z
- Category: trade · region US · magnitude medium
- Page: https://feedsoft.ai/events/6172-u-s-grains-wheat-jumps-to-one-month-top-agcanada
- Commodities: [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

New Chinese HRW purchases and strong domestic milling demand tighten wheat supplies. Soymeal demand supports feed protein prices, while weak ethanol margins cap corn.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: neutral
- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2020-03-23 | 1 | -2.1% | -3.1 | On 23 March ethanol margins were squeezed by lower crude, so corn lagged while wheat and soybeans rose; this supports an energy-driven demand drag specific to corn. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| KWHEAT | 2023-03-29 | [U.S. grains: Wheat up on Cargill's Russia decision - AgCanada](https://feedsoft.ai/events/5080-u-s-grains-wheat-up-on-cargill-s-russia-decision-agcanada.md) | 0.0% | -9.1% |
| KWHEAT | 2023-03-29 | [Wheat jumps after Russia says Cargill to stop grain exports](https://feedsoft.ai/events/5078-wheat-jumps-after-russia-says-cargill-to-stop-grain-exports.md) | 0.0% | -9.1% |
| KWHEAT | 2017-03-01 | [U.S. grains: Wheat ends up three per cent - Manitoba Co-operator](https://feedsoft.ai/events/72050-u-s-grains-wheat-ends-up-three-per-cent-manitoba-co-operator.md) | +2.7% | -6.0% |
| KWHEAT | 2023-03-24 | [GRAINS-Soy at 5-month low on big Brazil crop, wheat rallies on Black Sea doubts \| Kitco News](https://feedsoft.ai/events/36887-grains-soy-at-5-month-low-on-big-brazil-crop-wheat-rallies-on-black-sea-doubts.md) | +6.3% | +2.6% |
| KWHEAT | 2019-01-23 | [China may buy up to 7 million tons of U.S. wheat](https://feedsoft.ai/events/60962-china-may-buy-up-to-7-million-tons-of-u-s-wheat.md) | -1.9% | -11.7% |
| WHEAT | 2023-03-29 | [U.S. grains: Wheat up on Cargill's Russia decision - AgCanada](https://feedsoft.ai/events/5080-u-s-grains-wheat-up-on-cargill-s-russia-decision-agcanada.md) | -10.7% | -14.2% |
| WHEAT | 2017-10-19 | [U.S. grains: Soy, wheat, corn firm on export demand - AgCanada](https://feedsoft.ai/events/68544-u-s-grains-soy-wheat-corn-firm-on-export-demand-agcanada.md) | +0.2% | -3.0% |
| WHEAT | 2018-07-19 | [U.S. grains: Markets set one-week highs on export hopes, weather woes - AgCanada](https://feedsoft.ai/events/64079-u-s-grains-markets-set-one-week-highs-on-export-hopes-weather-woes-agcanada.md) | +3.7% | +2.1% |

## Sources

- agcanada.com: https://www.agcanada.com/daily/u-s-grains-wheat-jumps-to-one-month-top

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