# Quotations for American wheat have updated the next lows

> December US wheat futures fell 3.3% to 7.4% on Friday after USDA raised its 2023 US wheat production forecast to 49.32 million tons from 47.19 million, above analyst estimates. Wheat stocks were slightly above expectations. Ukrainian Black Sea port exports also rose, adding pressure.

- Date: 2023-10-02 · published 2023-10-02T12:00:00.000Z
- Category: report · region US · magnitude high
- Page: https://feedsoft.ai/events/7141-quotations-for-american-wheat-have-updated-the-next-lows
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

The USDA production surprise and rising Black Sea shipments lower world wheat prices and reduce U.S. export competitiveness. Buyers can expect cheaper wheat, especially for HRW and SRW classes.

## Read by commodity

- WHEAT: bearish ▼
- KWHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2023-10-02 | 1 | -4.0% | -4.4 | It reports the USDA raising its production forecast above estimates and Ukrainian port exports rising, which are bearish supply factors that weighed on prices, though the main drop was Friday. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2023-12-19 | [Increasing forecasts of wheat harvest and exports from Canada lowers quotations in the US](https://feedsoft.ai/events/32746-increasing-forecasts-of-wheat-harvest-and-exports-from-canada-lowers-quotations.md) | +0.4% | +1.7% |
| WHEAT | 2018-01-18 | [More bad news for the wheat market](https://feedsoft.ai/events/67024-more-bad-news-for-the-wheat-market.md) | +2.9% | +5.9% |
| WHEAT | 2024-08-02 | [Precipitation improved the prospects for the wheat harvest in Australia](https://feedsoft.ai/events/28738-precipitation-improved-the-prospects-for-the-wheat-harvest-in-australia.md) | +4.8% | -2.5% |
| WHEAT | 2021-03-18 | [The higher forecast production in the new season lowers the price of wheat old crop](https://feedsoft.ai/events/48191-the-higher-forecast-production-in-the-new-season-lowers-the-price-of-wheat-old.md) | +0.9% | -3.3% |
| WHEAT | 2022-06-22 | [Accelerating harvesting in the United States and raising harvest forecasts for Russia are lowering wheat prices 22.06.2022 - UkrAgroConsult](https://feedsoft.ai/events/12702-accelerating-harvesting-in-the-united-states-and-raising-harvest-forecasts-for.md) | +1.8% | -4.6% |
| KWHEAT | 2023-12-19 | [Increasing forecasts of wheat harvest and exports from Canada lowers quotations in the US](https://feedsoft.ai/events/32746-increasing-forecasts-of-wheat-harvest-and-exports-from-canada-lowers-quotations.md) | +2.4% | -3.6% |
| KWHEAT | 2018-01-18 | [More bad news for the wheat market](https://feedsoft.ai/events/67024-more-bad-news-for-the-wheat-market.md) | +1.4% | +10.0% |
| KWHEAT | 2021-03-18 | [The higher forecast production in the new season lowers the price of wheat old crop](https://feedsoft.ai/events/48191-the-higher-forecast-production-in-the-new-season-lowers-the-price-of-wheat-old.md) | -4.1% | +1.1% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/quotations-for-american-wheat-have-updated-the-next-lows/

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