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France's agriculture ministry raised its soft wheat estimate to 33.9 million tonnes, up 1 million tonnes from July but down 4.4% year on year. Its first corn estimates were sharply lower than 2021 and the five-year average.
Barley output was estimated at 11.4 million tonnes, marginally up on last month.
A larger-than-expected French wheat crop eases wheat supply concerns, while the sharp drop in corn output tightens feed grain supply and supports corn prices.
fastmarkets.comSharon LevrezAug 8, 2022After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), 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.
