Russia: The European Commission believes that the wheat harvest in the EU will be lower than expected
Wheat
Russia
Published Jul 2, 2022
Tridge summary
The European Commission on Friday revised down expectations for the soft wheat crop for the 2022-2023 marketing year, but kept its assessment of export prospects at a record level, Reuters reported.
Original content
The reason for this is lower than expected crops in several countries, including France, Poland, Romania and Spain. Other analysts also revised downward their wheat harvest forecasts in the EU due to dry and hot weather. The estimate of soft wheat exports from the EU in the marketing year 2022-2023 has been kept unchanged at 38 million tons. This will be a record for the EU, far exceeding soft wheat exports in the 2021-2022 marketing year, which are likely to be 30 million tons. Traders and analysts expect strong EU wheat demand in the 2022-2023 marketing year starting in July as the Russian-Ukrainian conflict hampers grain supplies from Black Sea ports. The decrease in the harvest forecast led to a revision of expectations for soft wheat stocks in the EU at the end of the 2022-2023 marketing year by 4 million tons, to 13.2 million tons. The forecast for the harvest of other grain crops has also been revised towards some reduction. Meanwhile, the forecast for the barley harvest in ...
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