AHDB reports that UK winter crop drilling went well, with only 3% of winter wheat left to sow by November 24, and its first crop condition report shows strong prospects for winter wheat, barley, oats and oilseed rape. Feed wheat futures for May-26 were little changed, and the EC raised its EU soft wheat estimate to 134.2 Mt while Argentina's wheat record rose to 25.5 Mt.
Larger EU and Argentine wheat estimates and good UK prospects add supply, which is mildly bearish for feed wheat and barley prices.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
Not enough comparable past events yet for a historical read.
After 72 past bearish report events, Oats moved a median +0.2% over 5 sessions (50% higher; middle half -3.7% to +3.8%), and -2.5% 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.