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Refinitiv Commodities Research cut its 2024/25 EU soft wheat production forecast by 0.7 million tonnes to 127.3 million tonnes, and kept rapeseed at 18.6 million tonnes. Paris wheat and rapeseed futures rose after the revision, with December wheat up 2.2% to €219.75/t.
The cut was attributed to delayed sowing and unfavourable weather in western and southern Europe.
A smaller EU wheat and rapeseed crop reduces exportable supply and supports European prices, which also pull up canola meal values and competing feed grain prices.
ukragroconsult.comNov 30, 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.
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.
