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Germany's farm cooperatives association cut its 2018 wheat forecast 2.0% to 23.98 million tonnes and its winter rapeseed forecast 3.3% to 4.12 million tonnes. The cut follows official data showing winter wheat sowings fell 5.6%, and the crops were hurt by a wet autumn, a cold spring and recent dryness.
A smaller German wheat and rapeseed crop tightens EU supply, which supports European wheat and rapeseed-based meal prices and can pull up import demand.
cnbc.comReutersMay 16, 2018After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
