# Wheat Price Tumbles as Russian Discounts Force Reductions | CZ app

> Russia lowered its wheat export prices this week, pushing other origins lower. The European Commission raised its EU corn production estimate to 62.3 million tonnes. Brazil's safrinha corn planting reached 59% versus 48.7% a year earlier.

- Date: 2024-03-05 · published 2024-03-05T12:00:00.000Z
- Category: trade · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7300-wheat-price-tumbles-as-russian-discounts-force-reductions-cz-app
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Russian price cuts and a larger EU corn crop add supply pressure to global wheat and corn markets. Faster Brazilian planting also points to ample supply ahead.

## Read by commodity

- CORN: bearish ▼
- WHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2023-09-25 | [Terrain \| Cheap Russian Wheat Puts Lid on U.S. Wheat Prices](https://feedsoft.ai/events/34145-terrain-cheap-russian-wheat-puts-lid-on-u-s-wheat-prices.md) | -2.7% | -1.3% |
| WHEAT | 2018-11-01 | [How long can Russia undercut U.S. wheat prices?](https://feedsoft.ai/events/62069-how-long-can-russia-undercut-u-s-wheat-prices.md) | -3.7% | -5.1% |
| WHEAT | 2018-11-20 | [Wheat price held hostage to pace of Russian exports - Farmers Weekly](https://feedsoft.ai/events/62094-wheat-price-held-hostage-to-pace-of-russian-exports-farmers-weekly.md) | -0.7% | +4.1% |
| WHEAT | 2022-12-07 | [Wheat prices touch 14-month low on surging Russian exports - Nikkei Asia](https://feedsoft.ai/events/6645-wheat-prices-touch-14-month-low-on-surging-russian-exports-nikkei-asia.md) | +10.0% | +8.7% |
| WHEAT | 2023-09-25 | [Explainer: Why are Russian export prices roiling the wheat market? \| Reuters](https://feedsoft.ai/events/34139-explainer-why-are-russian-export-prices-roiling-the-wheat-market-reuters.md) | -2.7% | -1.3% |
| CORN | 2023-09-25 | [Terrain \| Cheap Russian Wheat Puts Lid on U.S. Wheat Prices](https://feedsoft.ai/events/34145-terrain-cheap-russian-wheat-puts-lid-on-u-s-wheat-prices.md) | -0.3% | +1.6% |
| CORN | 2018-02-26 | [Tops in Wheat, Russia Moves Up as a Feed Grain Exporter](https://feedsoft.ai/events/66356-tops-in-wheat-russia-moves-up-as-a-feed-grain-exporter.md) | +1.8% | +3.2% |
| CORN | 2018-11-27 | [IGC Data Shows U.S. Wheat Prices in a Rare Position - U.S. Wheat Associates](https://feedsoft.ai/events/62068-igc-data-shows-u-s-wheat-prices-in-a-rare-position-u-s-wheat-associates.md) | +8.3% | +9.0% |

## Sources

- czapp.com: https://www.czapp.com/analyst-insights/wheat-price-tumbles-as-russian-discounts-force-reductions/

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