Loading…
The European Commission trimmed its 2021/22 EU soft wheat crop forecast to 125.8 million tonnes from 126.2 million, still 7% above the 2020/21 crop. It also raised projected feed and biofuel wheat use and cut its 2021/22 soft wheat stocks forecast to 10.1 million tonnes from 10.8 million, while trimming the maize crop estimate.
A smaller crop and higher demand tighten EU wheat and maize balances, which supports EU and world wheat prices. Lower EU stocks reduce the export cushion for feed buyers.
brecorder.comReutersJun 24, 2021After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 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.
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.
