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A USDA Foreign Agricultural Service attaché report projects France's 2020 wheat crop at about 31 million tonnes, down 25% from 2019 due to unfavorable weather. French wheat exports for 2020/21 are projected at 13-15 million tonnes, versus about 23 million in 2019.
Barley output is also lower, though the corn crop may still be good despite drought.
Lower French exports tighten EU export supply, which supports wheat prices and gives importers reason to source from other origins.
fas.usda.govAug 7, 2020After 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.
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.
