# Wheat rises nearly 2% after deep losses as bargain-hunting kicks in

> Chicago wheat rose 1.7% on Monday after dropping more than 6% in the previous session to a three-year low. The earlier decline followed USDA data showing U.S. wheat production above expectations. Prices had already been pressured by ample Russian supplies and signs that Ukraine was finding export routes.

- Date: 2023-10-02 · published 2023-10-02T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/7136-wheat-rises-nearly-2-after-deep-losses-as-bargain-hunting-kicks-in
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

The rebound is a short-term bargain-hunting bounce, not a change in supply. Heavy Russian and U.S. supplies still point to pressure on wheat prices for buyers.

## Read by commodity

- WHEAT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/article/global-grains/grains-wheat-rises-nearly-2-after-deep-losses-as-bargain-hunting-kicks-in-idUSL2N3B8077/

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