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

Published 2024년 5월 28일

Tridge summary

The European Union's crop monitoring service, MARS, has updated its forecasts for the year, reducing the yield expectations for EU soft wheat and rapeseed due to adverse conditions in several western European countries, while increasing the forecasts for barley and maize, largely due to favorable conditions in Spain and Portugal. The adjusted forecasts reflect the impact of harsh weather conditions in major production areas, including the severe drought in Spain and heavy rainfall in northwest Europe, which have affected sowing, development, and yield prospects for various crops. Despite these adjustments, the yield forecasts for all crops remain above the average of the past five years. This report underscores the complexity of European agricultural production, highlighting the influence of weather conditions on market stability and food availability.

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Original content

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 ...

Source: Hellenic Shipping News