Worsening forecast for EU's wheat and barley harvests

EU wheat production in the 2023/24 marketing year will be 129.5 million tonnes (129.7 million tonnes expected in February), which is 3.5% more than production in the 2022/23 season (125.1 million tons), writes Reuters. "Despite the onset of rainfall in Western Europe and improved crop growth conditions, rainfall levels are insufficient to completely eliminate the risk of drought in the long term, particularly in France and Spain," the report said. As for soft wheat exports, Strategie Grains lowered its forecast for the current season by 100,000 tonnes to 30 million tonnes due to lower-than-expected flows from Bulgaria and Romania. In the upcoming season, the export of soft wheat from the EU is expected at the level of 30.3 million tons, which is 300 thousand tons less than the previous forecast. Among the reasons for the decline, experts point to high competition in the global market, but forecasts may be revised due to the situation in Africa. "North Africa's crop outlook worsens ...