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COCERAL cut its EU-28 grain harvest estimate to 295.5 million tonnes, 5% below last year, citing lower area and yields. Wheat output is down 12%, with Britain down 24% and France's wheat falling from 40 million to under 30 million tonnes.
Romania and Bulgaria also show sizeable declines.
A broader EU grain shortfall, led by wheat, reduces export supply and makes the bloc a larger importer, supporting world grain prices.
zmp.deAug 26, 2020After 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 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
COCERAL cut the EU wheat crop 12%, with France sharply lower, tightening exporter supply and supporting prices.
