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Euronext September milling wheat fell 3.4% to 224.00 euros a tonne on May 10, 2021. Weekend and forecast rain in France eased dryness concerns in the EU's largest grain producer, and traders also took profits after the prior week's rally.
Easing dryness in France reduces the crop risk premium on European wheat, which tends to weigh on export prices and related wheat contracts.
brecorder.comReutersMay 10, 2021After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
Euronext wheat fell 3.4% on May 10 as rain eased French dryness and traders took profits, a same-day spillover into Chicago wheat.
