EU: 2023/24 wheat production expected to reach 124.7 mt, oilseed production also reduced

Strategie Grains cut its monthly European Union wheat production forecast again as the crop now fell below last year's levels after disappointing crop results, the French consulting agency said on Thursday. The consultants expect EU soft wheat production to be 124.7 million metric tons in 2023/24, down from a forecast of 126.2 million in July and slightly below the estimated 125.3 million in 2022/23. Strategie Grains has revised down its EU grain harvest forecasts in recent months as the bloc has faced drought and heat waves, and says in its August report that heavy rains in northern Europe raise the risk of quality and crop losses. Analysts cut their EU corn harvest estimate by 2.1 million tons to 58.7 million tons after growing conditions deteriorated in southern Europe in July. The revised forecast is still 6.5 million tonnes higher than last year's drought-hit production. Strategie Grains slightly raised its forecast for the EU barley crop to 47.2m from 47.1m tonnes last ...