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COCERAL cut its EU-27+UK 2024 grain forecast to 280.3 million tonnes, a 5% cut from June, citing spring rain and low sunshine in western Europe. Soft wheat is pegged at 126 million tonnes, and France had its worst wheat crop in about 40 years.
Lower EU output for wheat, barley and corn reduces exportable supply and supports feed grain prices as the EU imports more or buyers shift to other origins.
world-grain.comArvin DonleySep 20, 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.
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.
Coceral's EU grain forecast cut and France's worst wheat crop in about 40 years tightened exportable supply.
