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S&P Global Platts Analytics expects EU and UK combined wheat output in 2021-22 to reach 147 million mt, up 8% on the year. The forecast reflects a 6% rise in harvested area to 26 million hectares and yields slightly above the five-year average at 5.66 mt per hectare.
France alone is estimated at 37.4 million mt, with upside to 40 million mt in favorable weather.
A larger EU and UK harvest adds exportable supply from the Black Sea's main Western competitor, which is bearish for wheat and feed-grain prices into the 2021-22 marketing year.
spglobal.comFeb 1, 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.
