EU strongly cuts 2024/25 wheat crop and export estimates
The European Commission has revised its 2024/25 EU common wheat production estimate down to 116.1 million metric tons from 120.8 million, marking a four-year low. It also reduced the forecast for wheat exports to 26 million tons, down from 32 million. Estimates for barley, maize, and rapeseed production were also lowered due to adverse weather conditions.
PARIS, Aug 29 (Reuters) -The European Commission on Thursday cut its estimate for usable production of common wheat in the European Union in 2024/25 to 116.1 million metric tons from 120.8 million forecast a month ago, still a four-year low.
In supply and demand data, the Commission also lowered its forecast of EU exports of common wheat, or soft wheat, in 2024/25 to 26.0 million tons from 32.0 million tons projected in late July and 35.1 million in the 2023/24 season.
The Commission did not give details for its estimates but other forecasters have also reduced their estimates for EU soft wheat output and exports, citing worse-than-expected yields in rain-hit France and Germany.
In other grains, the Commission lowered its estimate for 2024/25 usable production of barley to 51.3 million tons from 52.7 million last month, still well above the 47.5 million tons produced last year.
It also reduced its 2024/25 maize crop outlook to 61.65 million tons from 62.9 million and now below the 2023 production of 62.7 million tons.
The reductions in EU maize crop forecasts are mainly due to hot weather in Romania, which previously vied with France as the EU’s biggest maize producer.
In oilseeds, the Commission lowered its estimate of the bloc’s rapeseed usable output this season to 18.0 million tons from 18.4 million last month and 19.7 million tons in 2023.
To read more about the news about the Wheat News continue reading Agriinsite.com
Source Link : https://www.xm.com/research/markets/allNews/reuters/eu-strongly-cuts-202425-wheat-crop-and-export-estimates-53915260
Recommended for you
Leave a Reply
Leave a Reply
