# Weekly Ag Markets Update - 03/04/2024 - Market InsightsMarket Insights

> Wheat was mostly slightly higher last week while SRW futures edged lower and prices stayed in a trading range. Russian export prices hit a new low, and export sales remained weak amid competition from Russia, Ukraine and the EU. Corn and oats rose on speculative short covering after heavy declines.

- Date: 2024-03-04 · published 2024-03-04T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/7297-weekly-ag-markets-update-03-04-2024-market-insightsmarket-insights
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Oats](https://feedsoft.ai/c/OATS.md)

## Why it matters

Large world wheat supplies and low export prices keep a ceiling on US wheat values, though Red Sea disruptions offered brief support. Corn short covering may be temporary given ample supply and large fund short positions.

## Read by commodity

- CORN: neutral
- OATS: neutral
- WHEAT: neutral
- KWHEAT: neutral

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2024-03-04 | 1 | +3.4% | 4.1 | Corn rallied on speculative short covering after heavy declines, matching the mechanism of the 3.37% jump. |
| WHEAT | 2024-03-04 | 1 | +4.2% | 4.3 | Market update describes speculative short covering in grains after heavy declines and SRW in a trading range, supporting a rebound, though weak exports and Russian competition cap the bullish case. |

## Sources

- blog.pricegroup.com: https://blog.pricegroup.com/2024/03/04/weekly-ag-markets-update-03-04-2024/

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