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European grain prices slipped as the absence of confirmed weather problems eased support. MATIF December wheat fell to €171.25/t, and Chicago wheat dropped, while Irish barley and new-crop prices weakened.
US rain has improved maize and soybean prospects, and the EU cut its maize yield estimate by over 4%.
Ample world wheat supply and harvest pressure are weighing on European and US grain prices. The EU maize yield cut provides some offsetting support for corn.
farmersjournal.ieAndy DoyleAug 2, 2017After 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.
Not enough comparable past events yet for a historical read.
After 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.
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.
