# Wheat and oat futures soar amid supply worries

> Chicago wheat and oat futures jumped as much as 8 percent as drought in the Dakotas and Montana intensified and Canadian crop conditions worsened. Spring wheat in Minneapolis hit a four-year high of about $8.16 per bushel and posted a ninth straight gain. Fund short-covering added to commercial buying.

- Date: 2017-07-03 · published 2017-07-03T12:00:00.000Z
- Category: weather · region US · magnitude high
- Page: https://feedsoft.ai/events/6175-wheat-and-oat-futures-soar-amid-supply-worries
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Oats](https://feedsoft.ai/c/OATS.md)

## Why it matters

Smaller expected spring wheat output and tighter quality supplies push feed wheat and oat values higher. Feed buyers should expect firm prices while drought persists.

## Read by commodity

- OATS: bullish ▲
- WHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2017-07-03 | 5 | +6.7% | 3.0 | On the end date, Chicago wheat jumped as much as 8% on intensifying Northern Plains drought, worsening Canadian crops and fund short-covering, a direct supply and sentiment driver of the move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2017-06-28 | [U.S. grains: Spring wheat futures top US$7 on weather worries - Grainews](https://feedsoft.ai/events/70514-u-s-grains-spring-wheat-futures-top-us-7-on-weather-worries-grainews.md) | +3.2% | -2.8% |
| 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 | 2018-03-02 | [Wheat futures surge - Grain Central](https://feedsoft.ai/events/12430-wheat-futures-surge-grain-central.md) | +0.5% | -0.4% |
| WHEAT | 2017-06-30 | [Wheat futures rally amid worsening drought in the Northern Plains](https://feedsoft.ai/events/6178-wheat-futures-rally-amid-worsening-drought-in-the-northern-plains.md) | +1.3% | -3.7% |
| WHEAT | 2018-02-06 | [US crop worries supports wheat prices \| VIC](https://feedsoft.ai/events/66543-us-crop-worries-supports-wheat-prices-vic.md) | +0.6% | +2.4% |
| OATS | 2021-11-04 | [US oat prices soar as supply dips due to drought, demand \| World Grain](https://feedsoft.ai/events/44107-us-oat-prices-soar-as-supply-dips-due-to-drought-demand-world-grain.md) | -0.9% | -0.8% |
| OATS | 2024-12-18 | [Canadian Oats Supply, Canadian Farmers See Leaner Times \| Paradigm Futures](https://feedsoft.ai/events/7782-canadian-oats-supply-canadian-farmers-see-leaner-times-paradigm-futures.md) | -8.7% | -3.9% |
| OATS | 2021-09-23 | [CBOT oats climb on supply woes - AgCanada](https://feedsoft.ai/events/45122-cbot-oats-climb-on-supply-woes-agcanada.md) | +4.8% | +19.6% |

## Sources

- cnbc.com: https://www.cnbc.com/2017/07/03/wheat-and-oat-futures-soar-amid-supply-worries.html

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