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Persistent rain in France delayed sowings and hurt crop development, and the farm ministry estimates France will harvest its worst wheat crop since the 1980s, down 25% from last year. Other cereals such as winter barley have also been badly hit.
A sharp drop in EU's largest grain producer's output tightens European wheat supply and supports prices, likely pulling import demand toward Black Sea origins.
reuters.comSybille De La HamaideAug 12, 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.
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.
