EU cuts soft wheat crop estimate to 12-year low

The European Commission on Thursday trimmed its estimate of the European Union’s main wheat crop this season to a 12-year low, confirming the impact of torrential rain in major production zones in western Europe. In monthly supply and demand data, the Commission cut its estimate of 2024/25 usable production of common wheat, or soft wheat, to 111.9 million metric tons from 112.3 million forecast previously. The estimate of this season’s crop was 10.6% below the previous harvest and the lowest since 2012/13, the Commission’s data showed. Other crop observers have also pegged the soft wheat crop at a 12-year low, mainly due to the smallest French harvest since the 1980s. The Commission did not change demand projections, which anticipate EU exports of 25 million tons. The reduced harvest estimate led it to lower its forecast of 2024/25 soft wheat ending stocks to 9.4 million tons from 9.8 million last month. For barley, it lowered its usable production estimate by 0.4 million to 49.4 ...