EU raises 2024 wheat crop and export forecasts, slashes maize
The European Commission has raised its forecast for the EU’s main wheat crop to 121.9 million tons, up from 120.2 million, despite it being a four-year low due to heavy autumn and winter rains. EU wheat exports for 2023/24 are now expected to be 33 million tons, up from 31.5 million. Next season’s wheat exports are projected to be 31.65 million tons. Maize production is forecasted at 64.8 million tons, and barley at 53.4 million tons.
PARIS, June 27 (Reuters) -The European Commission on Thursday raised its forecast for the European Union’s main wheat crop this year and lifted its forecasts of EU wheat exports both in the current and next season.
In supply and demand data, the Commission pegged usable production of common wheat, or soft wheat at 121.9 million metric tons, up from 120.2 million forecast a month ago, still a four-year low, as it anticipated a higher area to be harvested.
Like four years ago, wheat planting in parts of western Europe has been disrupted by heavy rain during autumn and winter.
The Commission forecast EU soft wheat exports for 2023/24 at 33.0 million tons, up from 31.5 million previously while it anticipated that wheat exports next season would reach 31.65 million tons, down from 31.1 million tons projected in late May.
In other grains, the Commission sharply cut its forecast for 2024/25 usable production of maize to 64.8 million tons from 68.6 million, and raised projected imports by 300,000 tonnes.
For barley it cut its 2024/25 crop outlook to 53.4 million tons from 53.9 million last month.
Source Link : https://www.xm.com/research/markets/allNews/reuters/eu-raises-2024-wheat-crop-and-export-forecasts-slashes-maize-53869835
