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Searing heat has damaged wheat fields across northern Europe, and forecasters cut EU soft wheat estimates to a six-year low. France, Germany and Scandinavia all face sharp harvest losses, and Sweden's crop is seen down about 40 percent.
A large shortfall from the EU, the world's largest wheat grower, reduces export supplies and lifts wheat and barley prices used in feed.
grainews.caGFM Network NewsAug 2, 2018After 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.
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.
EU soft wheat estimates cut to a six-year low and sharp losses in France, Germany and Scandinavia tighten global supply and support SRW via spillover from Europe.
