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Heat and drought have cut European wheat estimates, with the EU soft wheat crop forecast below 130 million tonnes, a six-year low. European wheat prices rose about 15 percent in three weeks to their highest since late 2014, and Sweden's crop is seen down 40 percent.
Sharp European crop losses and rising wheat prices raise global wheat values and feed grain costs, as buyers look for substitute supplies.
esmmagazine.comSteve Wynne-JonesAug 2, 2018After 1,072 past bullish weather events, Wheat (SRW) 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.
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.
