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Traders said the EU is heading for a larger wheat crop despite a late-June heatwave that cost a couple of million tonnes. France's soft wheat forecast was raised toward 38 million tonnes or higher, and German production is seen up 17.7% to 23.85 million tonnes.
A bigger EU crop and strong export supplies from leading producers add competition in world wheat markets, which is bearish for prices.
esmmagazine.comDayeeta DasJul 19, 2019After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
