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The USDA attaché report puts the MY2019/20 EU-28 grain crop at about 313.5 million tonnes, roughly 2 MMT above the previous forecast. Higher wheat, corn and barley output more than offset a cut to mixed grain, while food, seed and industrial use rose and feed use was reduced.
A larger EU grain crop and a reduced feed-use forecast add supply and weigh modestly on feed grain prices, though mixed planting conditions for 2020/21 cap the bearish read.
fas.usda.govNov 27, 2019After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
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.
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.
