EU raises 2023/24 maize harvest estimate, cuts imports
PARIS, Dec 21 (Reuters) – The European Commission on Thursday increased its forecast for usable production of maize in the European Union in 2023/24, to 61.4 million metric tons from 59.9 million forecast a month ago.
The revised estimate was 15.6% above last year’s drought-hit crop though 10.8% below the average of the past five years, the Commission said in a monthly grain supply and demand update.
The Commission lowered its forecast for the bloc’s maize imports in 2023/24 to 19.0 million tons from 20.0 million projected a month ago.
For common wheat, or soft wheat, estimated 2023/24 output was nudged up to 125.7 million tons from 125.6 million previously, and almost in line with 2022/23 output of 125.8 million.
Forecast EU soft wheat exports in 2023/24 were kept unchanged at 31.0 million tons, while projected end-of-season soft wheat stocks were raised slightly to 18.4 million tons from 18.3 million last month.
Estimated EU barley production in 2023/24 was revised up to 47.3 million from 46.9 million previously, though that would still be a 12-year low after drought-affected harvests in Spain and northern Europe.
In oilseeds, estimated rapeseed production was trimmed to 19.8 million tons from 19.9 million last month but this was still higher than last season’s 19.6 million.
Sunflower seed output was raised to 10.2 million tons from 10.0 million forecast last month, putting the crop further above 2022/23 production of 9.3 million.
Source Link: https://www.nasdaq.com/articles/eu-raises-2023-24-maize-harvest-estimate-cuts-imports
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