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Strategie Grains raised its 2019/20 EU soft wheat production forecast to 144.5 million tonnes, up from 142.9 million in August and about 14% above last year's drought-hit crop. It also raised EU soft wheat export expectations to 25.7 million tonnes from 24.8 million.
The firm expects EU wheat stocks to rise as feed corn and barley compete with wheat.
Bigger EU wheat supplies and higher export expectations add competition in world export markets and pressure wheat prices. Expected feed substitution by corn and barley would also limit wheat's demand in animal feed.
esmmagazine.comDayeeta DasSep 19, 2019After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 770 past neutral report events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
