Cereal and Oilseed Balance Update for 2023/24: Insights From the European Commission’s January 2024 Report

The cereal and oilseed balance for the 2023/24 campaign, updated by the European Commission to January 2024, was compiled by Tofio Catön, Director of Herbaceous Crops at the Spanish Agri-Food Cooperatives. Total EU cereal production is estimated at 269.03 Mt, just over 2.2 Mt higher than last season. Closing stocks at 47.7 Mt were down by just over 3 Mt.

Corn

Production stands at 61.4 million tonnes at the end of 2023, 15.6% higher than 2022 production. This figure represents a 10.8% decrease compared to the average of the last five years, while imports are maintained at 19 million tonnes compared to 26 million tonnes in the last campaign.

Common wheat

Estimated production for 2023/24 rises from 125.7 Mt to 125.9 Mt, slightly higher than in 2022/23 (125.8 Mt). Estimates for common wheat exports remain unchanged at 31 Mt, while ending stocks are back to 18.43 Mt from last month’s 19.1 Mt.

Barley

Estimated production in the EU is revised upwards to 47.41 Mt from 47.34 Mt previously, although this is a 12-year low following drought-affected harvests in Spain and Northern Europe.

Durum wheat

Production points to 6.99 Mt, in line with the December figure and W6.31 lower than in 2022. The slight decline in consumption and exports means that ending stocks have increased by more than a million tonnes.

Sunflower

Production increased to 10.18 Mt from 9.3 Mt estimated in 22/23. Pipe imports were 979 Kt, more than 2 Mt higher than last season. Flat stocks at 878,000 tonnes. EU to import 1.8 million tonnes of sunflower oil

Rapeseed

Estimated rapeseed production fell from 19.56 Mt last season to 19.836 Mt. Imports are estimated at 5.6 million tonnes, down from 6.84 million tonnes last season.

Soya:

Soybean imports are estimated at 14 mt, down from 13.27 mt last season. Soybean meal imports will be 15.5 Mt, (16.06 Mt). 3.7 Mt of palm oil (5.08 Mt) will be imported

For improved website design , harvest information , statistics , please subscribe CMBroker

Related posts:

Türkiye Increased Grain Production in 2023 EU Farmers to Reduce Cereal and Sunflower Cultivated Areas UGA Increased the Forecast of Grain and Oilseed Crops of Ukraine France Expects Higher Corn and Sugar Beet Yields European Commission Expects Lower Corn Yield Grain Markets: Sowings Almost Complete More Than 175 Thousand Tons of Sunflowers Have Already Been Harvested in Russia Spring sowing 2021 in Ukraine is coming to the end.