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Luc Morin of Visio-Crop called conditions in northern France catastrophic, with little rain forecast for the next two weeks. Wheat there entered spring with very low biomass, and satellite data shows reduced plant health compared with last year, so yields could fall sharply.
A severe French drought threatens a major EU wheat exporter's output, which would tighten export supplies and lift European and global wheat prices.
bloomberg.comRudy RuitenbergApr 19, 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.
