News

The European Commission raised forecasts for wheat and rapeseed production in 2023/24 FY, which increased the pressure on quotations

Canola Seed & Rapeseed
Morocco
Barley
Published Jun 1, 2023

Original content

Increased EU wheat and canola production forecasts in FY 2023/24 increase pressure on prices, but are supported by lower crop forecasts for North African countries. Compared to previous estimates, the European Commission has increased production forecasts for 2023/24 MR: At the same time, production estimates were reduced: The forecast for sunflower production in the EU was left at 10.5 million tons, which would be 16.7% higher than last year's 9 million tons and 8.1% higher than the 5-year average. After a long weekend on the stock exchange in Paris, the futures of the main agricultural crops fell in price: The MARS agency has lowered its harvest forecasts in the Maghreb countries (North Africa) due to a long drought, which will increase the demand for European grain in the new season, lead to political and economic instability in the region, increase food prices and import dependence. The Maghreb region, which includes Algeria, Morocco, Tunisia and Libya, is currently ...
Source: Graintrade
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