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Dry weather across Europe and the Black Sea has reduced soil moisture as crops emerge, with below-average rainfall over the last four weeks. The Australian commentary forecasts EU-27 plus UK 2020/21 wheat output down about 6% to 145 million tonnes, and French soft wheat area falling 7.5% to a 17-year low after wet planting conditions.
A forecast 6% drop in EU wheat output and reduced French area tighten global wheat supplies, supporting wheat prices and feed-grain alternatives if rain does not arrive before late April.
grainbrokers.com.auApr 16, 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.
