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France's farm ministry raised its 2019 soft wheat estimate to 38.2 million tonnes from 37.0 million a month earlier, up 12% on last year. Its first grain maize forecast was 13.1 million tonnes, up 4.9%, but the ministry said yields may fall because of extreme heat and drought.
A larger French wheat crop adds exportable supply in the EU's biggest producer, which is bearish for wheat prices. The uncertain maize outlook leaves some support for feed grain prices.
esmmagazine.comDayeeta DasAug 6, 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.
