Weather Woes Ravage Europe's Wheat Fields, Markets Race Higher
Scorching temperatures have devastated wheat fields across northern Europe while a combination of dry conditions and extreme rain in the Black Sea bread basket have sunk output estimates, with fears of further damage causing prices to soar.
As harvesting heads north in Germany, the European Union's second largest wheat producer behind France, more evidence of serious damage to crops is emerging - prompting observers to cut crop estimates repeatedly for the 28-member bloc.
"The situation is catastrophic in northern Europe," Strategie Grains head analyst Andree Defois said.
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