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The French agriculture ministry on 9 August cut its 2024 soft wheat output estimate to 25% below last year, making it one of the worst harvests in 40 years. Persistent rain delayed planting, hurt development and increased disease, and the ministry's figure remains above private analysts' 25-26 million tonnes.
The ministry's downgrade signals a much smaller EU wheat exportable surplus, supporting European and world wheat prices, though the estimate is still above some analyst forecasts.
rapporteur.comEuractiv with ReutersAug 9, 2024After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
