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Strategie Grains cut its 2021 EU soft wheat forecast by 1.5 million tonnes to 131.5 million tonnes because of adverse weather. It also lowered world wheat production by 14 million tonnes to 750.3 million tonnes and expects stocks-to-use in major exporters to be near record lows.
A lower world crop and tight exporter stocks support wheat prices, as EU, North American and Black Sea harvest problems reduce export availability. Feed-grade share is rising, which may shift some supply into feed use.
esmmagazine.comDayeeta DasAug 12, 2021After 1,072 past bullish weather events, WHEAT 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, KWHEAT 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.
