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The EU cut its wheat yield estimate to 5.54 t/ha from 5.6 t/ha in June. Russian output is forecast to rise, with IKAR at 78 million tonnes, and Kazakhstan has raised its grain forecast.
Growers remain reluctant sellers in the EU and Black Sea regions.
A lower EU yield tightens European supply, but higher Russian and Kazakh forecasts offset some of that pressure on world wheat prices.
farming.co.ukJul 31, 2020After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
