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Repeated heatwaves and dryness in central Europe have reduced wheat production, and very high temperatures are also hitting EU and Russian maize. The International Grains Council cut its global production forecast by 8 million tonnes, and SovEcon cut Russia's wheat export forecast to 31.4 million tonnes.
Lower European and Russian crops tighten the Black Sea and EU feed grain supply, which supports wheat, barley and corn prices.
farmersjournal.ieAndy DoyleJul 31, 2019After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 1,465 past bullish weather events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% 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.
