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Coceral, the European grain industry lobby, forecast EU-plus-UK grain output to rise in 2023 after drought and heat damaged 2022 crops. It projected EU-plus-UK soft wheat at 143.2 million tonnes versus 140.7 million this year, with corn rebounding to 64.5 million tonnes from 50.7 million.
A larger European harvest in 2023 would ease supply tightness and weigh on wheat, corn and barley prices relative to the drought-hit 2022 crop. The UK wheat decline is a minor offset.
brecorder.comReutersDec 20, 2022After 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.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
