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COCERAL's first forecast for 2024 projects the EU-27+UK total grain crop at 281.7 million tonnes, down from 287.1 million in 2023. Wheat output is seen falling to 134.2 million tonnes and corn to 57.1 million, while barley is forecast to rise to 56.1 million tonnes.
The group linked the wheat decline to record autumn rainfall that hampered winter sowing in France, Germany, the UK and Poland.
A smaller EU wheat and corn crop tightens European feed grain supplies and lifts import demand, supporting world wheat and corn prices. Higher barley output partly offsets the pressure on feed grains.
world-grain.comArvin DonleyDec 22, 2023After 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.
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.
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.
