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COCERAL cut its 2020 EU grain harvest estimate to 301.7 million tonnes, about 2% below last year. Wheat is forecast at 135.4 million tonnes, 10 million less, mainly due to reduced yields in Great Britain and France after poor autumn sowing conditions.
The EU barley crop is seen 1.2% lower, while maize is raised to 65.5 million tonnes.
A smaller EU wheat and barley crop tightens supplies and supports feed grain prices, which could increase import demand from outside the EU. The higher maize estimate partly offsets the tightening for corn-based feed.
zmp.deMar 23, 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.
Not enough comparable past events yet for a historical read.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), 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.
