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A USDA GAIN report raised the 2017-18 EU-28 total grain crop by 2 million tonnes to 304 million tonnes, with wheat at 152.5 million tonnes. The increase reflects better wheat and corn outlooks, particularly in France, the UK and Poland, while EU opening stocks remain at a multi-year low.
A larger EU crop eases some tightness in European feed supplies, but very low opening stocks limit the bearish price effect on wheat and corn.
world-grain.comArvin DonleyDec 8, 2017After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
