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The JRC MARS April report lowered its EU-27 soft wheat forecast slightly to 131.17 million tonnes, still 3.3% above 2022-23. Soil moisture deficits were eliminated across most of Europe after rains in March and April, but Spain and northern Italy remained dry.
Barley production was cut to 52.64 million tonnes because of lower spring barley yields in Spain.
A large EU wheat crop and a smaller barley crop have offsetting effects, but generally favour ample wheat supply and lower European prices. Lower barley output may slightly firm feed barley prices.
graincentral.comGuest AuthorMay 9, 2023After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), 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.
