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UK and European wheat prices fell on profit taking, with the Nov-21 contract dropping to £184.25/t from a life-of-contract high of £195. The EU Commission cut its 2021/22 EU-27 wheat production forecast to 124.8Mt and lowered ending stocks to 11.4Mt.
A smaller EU crop estimate and lower ending stocks support European wheat values, while a bumper Romanian crop limits the rally. Brent crude rose to six-week highs, which adds some energy-driven support to feed costs.
ahdb.org.ukApr 30, 2021After 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.
After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% 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.
