The European Union cut its forecast for the bloc's 2022/23 wheat output well below last season's level, but maintained its outlook for record exports. In supply and demand data, the European Commission estimated the usable production of wheat in the EU at 125.0 million tonnes, compared to the forecast of 130.4 million a month ago and 130.1 million for the year 2021/22.
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The European Union cut its forecast for the bloc's 2022/23 wheat production well below last season's level, but maintained its outlook for record exports. In supply and demand data, the European Commission estimated the usable production of wheat in the EU at 125.0 million tonnes, compared to the forecast of 130.4 million a month ago and 130.1 million for the year 2021/22. Reduced yields were cited in several countries, including France, Poland, Romania and Spain, without further details. Other forecasters also cut their expectations for the EU wheat crop due to drought and heat. However, the Commission left unchanged its forecast for EU wheat exports in 2022/23 at 38 million tonnes, a record for the bloc and well ahead of a reduced estimate of 30 million tonnes in 2021/22. Traders and analysts expect strong demand for EU wheat in the 2022/23 farming season as Russia's invasion of Ukraine and related sanctions disrupt the Black Sea grain trade. Due to the reduced harvest forecast, ...