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The AHDB weekly arable report says wheat prices fell as Northern Hemisphere harvests progressed and the USDA raised its global wheat estimate to 796.2 million tonnes. French wheat production is seen down 15% to 29.7 million tonnes, the smallest since 2020, while heavy rain delays harvesting in Western Europe.
Improved global wheat supply pressures the feed barley premium over maize, though French crop losses offer some support in Europe.
ahdb.org.ukJul 15, 2024After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
Not enough comparable past events yet for a historical read.
After 770 past neutral report events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% 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.
