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Coceral raised its EU and UK soft wheat production forecast to 143 million tonnes, citing timely rains in Spain. It also lifted its French soft wheat estimate slightly while keeping the yield forecast unchanged.
A larger EU and UK wheat crop eases supply concerns and is mildly bearish for wheat prices.
After 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.
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.