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A record-breaking early summer heatwave in western Europe, with record temperatures in France, may trim the EU grain harvest but is not expected to last long enough to cause severe losses like last year's drought. Forecasters have trimmed EU soft wheat estimates, though projections remain above 140 million tonnes versus 129 million last year.
Modest downward yield revisions in the EU, the bloc's main wheat producer, add some support to wheat prices, but the limited expected damage and good harvest prospects cap the upside.
devdiscourse.comReutersJun 28, 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 322 past bullish weather events, KWHEAT moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
