The European Commission lowered the forecast harvest of the main agricultural crops in the EU but the quotations almost did not react to this

Published Nov 4, 2024

Tridge summary

The European Commission has lowered its forecasts for the harvest and stocks of major agricultural crops in the EU for the 2024/25 marketing year. Despite these reductions, quotations continue to decline. The durum wheat production forecast remains unchanged at 7.2 million tons, with imports expected at 3 million tons and stock estimates increased by 0.5 to 1.3 million tons. Meanwhile, wheat and corn quotations on the Paris exchange have fallen after a strong growth in September, while November rapeseed futures have risen by 6.8% due to a significant increase in sunflower and vegetable oil prices.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In the October report, the experts of the European Commission significantly reduced the forecasts of the harvest and stocks of all major agricultural crops in the EU in 2024/25 MY, but the quotations did not react to this and continued to fall. Compared to previous estimates, production forecasts have been reduced: At the same time, the durum wheat production forecast was left at 7.2 million tons, imports at 3 million tons, and the stock estimate was increased by 0.5 to 1.3 million tons. Quotations for wheat and corn on the exchange in Paris, after strong ...

Source: Graintrade