FranceAgriMer raised its forecast for the French soft wheat harvest 2017 by 600,000 tonnes to 36.8 million tonnes, up 33.5% on last year's poor crop. It also put the first maize estimate at 12.8 million tonnes (+9%) and lifted the rapeseed forecast to 5.2 million tonnes.
A larger French wheat, maize and rapeseed crop adds to European feed grain supply and tends to weigh on wheat, corn and rapeseed meal prices, with the rapeseed increase also adding to oilseed meal supply.
After 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.