EU crop monitor trims wheat and rapeseed yield outlook on mixed weather

The European Union crop monitoring service on Monday trimmed its outlook for this year’s EU soft wheat and rapeseed yields while upping its forecasts for barley and maize as good prospects in Spain and Portugal contrasted with adverse conditions elsewhere. WHY IT’S IMPORTANT? The EU is collectively one of the world’s largest crop producers and is a significant exporter of wheat and barley while a major importer of maize and oilseeds. Harsh weather in top wheat exporter Russia has unsettled grain markets in recent weeks, sending European prices BL2c1 to a one-year high, and increasing sensitivity to possible harvest setbacks in other major production zones. KEY QUOTES “The yield forecast for winter crops further improved for Spain and Portugal, but was reduced for Italy and several countries of western Europe,” MARS said in a monthly report. “Wet conditions in large areas in western Europe, as well as in Denmark, and northern Italy, resulted in waterlogging, high pest pressure ...