News

Forecasts for a decline in wheat and rapeseed production in the EU in 2024/25 MY support quotes

Wheat
Published Dec 1, 2023

Tridge summary

Refinitiv Commodities Research has lowered its forecast for soft wheat production in the EU for the 2024/25 season due to sowing delays and unfavorable weather conditions, while the forecast for rapeseed production remains unchanged. Heavy rains and floods have hindered planting, and cold temperatures are expected in the near future, which could increase plant resistance and protect crops. Despite stable soybean and wheat prices in Chicago, futures for canola and wheat on the Paris Euronext have risen, with concerns about production cuts. Additionally, low export rates of soft wheat and reduced imports of rapeseed in the EU could limit price growth.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Against the backdrop of sowing delays and unfavorable weather conditions in the west and south of Europe, Refinitiv Commodities Research experts reduced the forecast for soft wheat production in the EU in 2024/25 MY in 2024/25 by 0.7 million tons to 127.3 million tons (127.7 million tons in the previous season), and the forecast for rapeseed production was left at 18.6 (19.5 last year) million tons. Heavy rains and floods, especially in France, have slowed the pace of planting, and temperatures are expected to drop across Europe in the near future, with night frosts expected in western and central regions. Low temperatures will increase the resistance of plants, and a layer of snow can protect crops. In December, temperatures will rise again, and precipitation in some regions will exceed normal. After lowering production forecasts, futures for canola and wheat on the Paris Euronext rose, despite the stabilization of soybean and wheat prices in Chicago. On the Paris exchange, ...
Source: Oilworld
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