Key Takeaways:
The EU heatwaves have coincided with key maize crop reproductive timing and featured high nighttime temperatures, a cruel two-sided blow to maize yields. France, much of western Europe, and Hungary have suffered the worst of the heat, with yield potential collapsing. WPI’s models account for weather in the EU over the summer growing season, as well as soil moisture conditions to create a heatwave severity index for each EU country. These impacts are then translated into yield decline estimates. Based on these models, WPI currently forecasts the EU maize crop to fall to 52.5 MMT, with the closely watched French crop likely producing just 8.48 MMT. The forecast implies significant tightness in the EU maize market...
What You Need to Know Today: The U.S. and Iran exchanged strikes, with the U.S. hitting Iranian bridges, energy sites, and military infrastructure. Iran launched a missile into Kuwait that damaged a desalination plant. Crude oil futures surged on heightened Middle East tensions, providing supp...
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