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The IGC cut its 2021/22 world wheat forecast by 1 million tonnes to 788 million. Drought lowered its US crop estimate to 47.5 million tonnes from 51.1 million and its Canadian estimate to 28.5 million from 32.3 million.
EU production was raised to 137.7 million tonnes on better outlooks in France, Hungary and Romania.
Losses in North American spring wheat remove exportable supply and support global wheat prices. Higher EU output partly offsets the cut, so the net price effect is upward but limited.
brecorder.comReutersJul 30, 2021After 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.
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.
