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France's soft-wheat crop is forecast to fall 15.4% to 29.7 million tons, a four-year low, after heavy spring rains and disease pressure. Planted area dropped 10.8% from 2023.
Lower output could restrain French exports to North Africa and the Middle East, as weather also hurt Russian crops.
A smaller French crop tightens global wheat supply and supports prices, with Europe's largest exporter likely shipping less. Wheat is a substitute feed grain, so firmer wheat can support corn and feed costs.
admis.comADMIS Research TeamJul 9, 2024After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
Not enough comparable past events yet for a historical read.
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.
