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The European Commission's May MARS bulletin cut EU harvest estimates due to cold and dry conditions. Almost all major crops saw yield declines, with Spain's grain harvest, excluding maize, expected to be roughly halved versus last year.
European soft wheat yield is still 6.2% above last year and 1.2% above the five-year average.
A cut in EU yields, especially Spanish barley and grains, reduces export availability and supports world feed grain prices, though a healthy wheat crop limits the upside.
en.boerenbusiness.nlClarisse van der WoudeMay 23, 2017Not enough comparable past events yet for a historical read.
After 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 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% 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.
