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An exceptionally early heatwave hit France and Spain, with temperatures reaching 40C locally in France, adding stress to wheat after a dry spring. Analysts said the heat could cut yields, though expected easing and showers should avert large losses.
The biggest risk is in central France, where crops are in grain filling.
Lower EU wheat output would tighten global wheat supply already strained by the loss of Ukrainian exports, supporting wheat prices and feed-grain substitution costs.
agriculture.comReutersJun 17, 2022After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
