# USDA damped the hopes for serious increase of prices - for now

> Chicago crop prices fell sharply on Wednesday after USDA's monthly report, with wheat and corn leading losses and Paris wheat also declining. USDA cut world wheat production to 737.83 million tonnes, with reductions for Australia, China, the EU, Ukraine and the US, partly offset by increases for Russia, Turkey and the Black Sea region.

- Date: 2017-07-13 · published 2017-07-13T12:00:00.000Z
- Category: report · region Global · magnitude high
- Page: https://feedsoft.ai/events/6477-usda-damped-the-hopes-for-serious-increase-of-prices-for-now
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A lower world wheat production forecast tightens global supply, which supports wheat prices and raises feed wheat costs. Offsetting increases in Russia and the Black Sea limit the upside.

## Read by commodity

- CORN: bearish ▼
- BRENT: bearish ▼
- WHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2019-10-08 | [The increase in wheat prices reduces demand](https://feedsoft.ai/events/5902-the-increase-in-wheat-prices-reduces-demand.md) | +4.5% | +2.1% |
| WHEAT | 2018-09-19 | [USDA forecast increase surprises \| VIC](https://feedsoft.ai/events/63069-usda-forecast-increase-surprises-vic.md) | +0.7% | +8.5% |
| WHEAT | 2023-06-29 | [Wheat prices fell again by 2.2-4.8% on the background of increased acreage in Canada](https://feedsoft.ai/events/35514-wheat-prices-fell-again-by-2-2-4-8-on-the-background-of-increased-acreage-in.md) | -8.3% | -8.2% |
| WHEAT | 2023-05-05 | [The measure of world food prices rose in April for first time in a year](https://feedsoft.ai/events/35977-the-measure-of-world-food-prices-rose-in-april-for-first-time-in-a-year.md) | -1.9% | -5.2% |
| WHEAT | 2022-12-12 | [Wheat prices fall despite a downgrade in the USDA’s global production forecast](https://feedsoft.ai/events/5522-wheat-prices-fall-despite-a-downgrade-in-the-usda-s-global-production-forecast.md) | +10.5% | +5.6% |
| CORN | 2023-05-17 | [Corn prices fall as supplies expected to increase](https://feedsoft.ai/events/5013-corn-prices-fall-as-supplies-expected-to-increase.md) | +2.4% | +0.5% |
| CORN | 2023-05-05 | [The measure of world food prices rose in April for first time in a year](https://feedsoft.ai/events/35977-the-measure-of-world-food-prices-rose-in-april-for-first-time-in-a-year.md) | -0.2% | -7.5% |
| CORN | 2019-01-29 | [The seasonal decline in supply raises prices on corn](https://feedsoft.ai/events/61121-the-seasonal-decline-in-supply-raises-prices-on-corn.md) | -0.4% | +0.0% |

## Sources

- grainsprices.com: https://grainsprices.com/article/12877

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