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Irish grain market update reports MATIF December 2022 wheat recovering to €328.50/t from a low of €312.50/t, and Paris rapeseed gaining €36.25 since Tuesday. Soymeal firmed on hot, dry US Midwest forecasts and poor crush margins, and the EU Commission cut its maize yield forecast by 7.9%.
A cut in EU maize yield estimates and US Midwest heat stress tighten feed grain supplies, supporting corn and feed prices. Uncertainty over Ukrainian port exports keeps wheat firm.
ifa.ieJul 29, 2022After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 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 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% 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.
Soymeal firmed on hot, dry US Midwest forecasts, showing the same weather-premium effect in the European market.
