
EU corn output is shrinking, and wheat and barley are becoming more attractive feed alternatives, especially on price. USDA's November WASDE cut the EU corn crop forecast to 47.5 million tonnes and lowered EU corn feed use to 50 million tonnes, while raising wheat feed use to 52 million tonnes.
Substitution of wheat and barley for corn in EU feed rations shifts demand away from corn and may cap corn prices, while supporting feed wheat and barley demand.
After 1,104 past bearish report events, Corn moved a median -0.2% over 5 sessions (48% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.