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The International Grains Council kept its 2019/20 world grain crop steady at 2,159 million tonnes, including China. Coceral raised its EU total grain forecast to 305 million tonnes, with gains in France and Germany and higher barley and corn estimates.
Unfavorable weather forecasts cut Australia's grain crop by about 3 million tonnes.
A larger EU barley and corn crop adds feed grain supply in Europe, which weighs on prices for competing feed ingredients. The Australian cut limits the offset to the global surplus and gives some support to wheat prices.
boerderij.nlAnnet SmaleSep 27, 2019After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% over 20.
Not enough comparable past events yet for a historical read.
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.
