EU Cuts 2021/22 Wheat Production Forecast, Sharply Raises Corn Forecast

Foreign media, February 27 news: The European Commission released its monthly report on Thursday, lowering its forecast for EU soft wheat production in 2021/22 (July-June) to 129.8 million tons, down from an earlier forecast of 130.5 million tons.

 

In its February supply and demand forecast, the European Commission also lowered EU soft wheat stocks at the end of June 2023 to 12.6 million tons, down from 12.6 million tons forecast last month.

The EU soft wheat export forecast for 2021/22 remains unchanged at 32 million tonnes.

Corn output raised by 3.5 million tons

The European Commission sharply raised its 2021/22 EU corn production forecast to 72.5 million tonnes from 69 million tonnes a month earlier.

The EU corn import forecast for 2021/22 remains unchanged at 14.5 million tonnes.

 The EU corn export forecast was raised to 6 million tons, 1 million tons higher than earlier expectations.

The forecast for EU corn ending stocks for 2021/22 was raised to 19.8 million tons, up from an earlier forecast of 18.8 million tons, as higher production outweighed the increase in exports.

 Oilseeds

This month the European Commission did not adjust its 2021/22 EU rapeseed and sunflower oil import forecasts at 4.9 million tonnes and 2 million tonnes respectively.

 Ukraine is a major supplier of rapeseed and sunflower oil imports to the EU, as well as a major supplier of corn.

Traders are assessing possible disruptions to Ukrainian grain shipments after Russian military action shut down Ukrainian ports for commercial shipping.