
Salamanca cereal prices peaked in mid-October and then fell over the following month, with wheat down 4 €/t, corn down 9 €/t and barley down 2 €/t. Farmers are holding back sales because margins are weak, and planted area is shrinking.
Trade association ACCOE links the decline to peace-talk signals and a weaker Brazilian real that made Brazilian corn more competitive.
A weaker real made Brazilian corn cheaper on export markets and pulled down world corn prices, while reluctant farmer selling and lower planted area could tighten Spanish supply later.
After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% over 20.
After 69 past bearish macro events, Wheat (SRW) moved a median -0.5% over 5 sessions (35% higher; middle half -2.6% to +0.8%), and -0.7% 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.