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European Heatwave Ravages Fields, Drives Wheat Prices Higher

Soft wheat harvest in the EU is below 130M tonnes, a six-year low

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Searing heat has devastated wheat fields across northern Europe while a combination of dry conditions and extreme rain in the Black Sea have hit output estimates, with prices soaring on fears of further crop damage, reports Reuters.

Evidence of serious harm to crops is growing as harvesting heads north in Germany, the European Union’s second largest wheat producer, and in Scandinavia, prompting further cuts to estimates for the 28-member bloc.

The consultancy last week cut its forecast for this year’s soft wheat harvest in the EU, collectively the world’s largest wheat grower, below 130 million tonnes, a six-year low, and Strategie Grains head analyst Andree Defois says it could revise the estimate again.

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