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Reuters reports that Agritel forecasts France's soft wheat harvest will rise 3.3% to 34.82 million tonnes, which it calls disappointing because of dry weather. Agritel says 2-3 million tonnes of potential were lost in May-June, and the farm ministry had earlier put the crop at 35 million tonnes.
Field work is also being delayed by rain.
The French crop is still above the five-year average, so it offsets some of the earlier EU tightness and leaves wheat prices roughly flat. Further weather delays at harvest could add pressure.
agriculture.comReutersJul 26, 2023After 224 past neutral weather events, Wheat (SRW) moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% 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.
