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Strategie Grains kept its forecast for the EU-27 soft wheat crop at 129.6 million tonnes, up 8.5% from last year. A 0.5 million tonne cut to French output was offset by better prospects in southeastern EU countries such as Romania.
The firm also trimmed its 2021 EU barley harvest by 300,000 tonnes to 53.7 million tonnes.
A larger EU wheat harvest points to a stock recovery in 2021/22 and limits export upside, which is bearish for wheat prices. The smaller barley crop is mildly supportive for barley values.
brecorder.comReutersMay 15, 2021After 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.
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.
