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FranceAgriMer reported that 93% of French soft wheat was rated good or excellent in the week to 22 May, unchanged on the prior week and the best for the time of year since its records began in 2011. Barley ratings held at 90% and 95% for winter and spring crops, and first maize ratings came in at 94%.
Planting of maize was 95% complete but still slightly behind the five-year average.
Strong crop conditions point to large EU wheat supplies, which tends to weigh on wheat export prices and limit competition for feed-grain buyers. Traders remain cautious about renewed dryness, so the bearish pressure could fade if June weather turns.
esmmagazine.comReutersMay 29, 2023After 334 past bearish weather events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), 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.
