European Commission raises estimate for EU soft wheat crop

The wheat forward contract traded in Paris climbed slightly to €174.5 per ton during the course of trading yesterday. The US wheat price even made considerable gains and closed 1.8% up at 513 US cents per bushel. 

The European Commission released new estimates of this year's EU soft wheat crop on Wednesday, raising them by 4 million tons to 144.6 million tons as compared with last month. 

In doing so, the European Commission is following the lead of other institutions such as the International Grains Council and the Association of European Agri-Cooperatives (Copa-Cogeca), which had likewise revised their forecasts upwards recently, notes Commerzbank.