Strategie Grains Lowers EU Wheat Harvest Forecast

European Grain Markets

• Strategie Grains cuts its forecast for the new EU soft wheat harvest by 0.2 to 129.5Mmt (2022 – 125.6Mmt), pointing out that rainfall so far is still insufficient to erase the long-term soil drought in Western Europe
• Due to lower than expected volumes from Romania and Bulgaria, wheat exports for the rest of the current season are down 0.1 to 30Mmt. The estimate for EU exports in the new season is also lowered, by 0.3 to 30.3Mt
• Strategie Grains kept their estimate for the new corn crop unchanged at 63.4Mmt (50.6) but, like wheat, downgraded barley by 1.2Mmt to 52.1Mmt (51.4)

American Grain Markets

• Technical maneuvering in the grain markets in Chicago and although their closure is mixed, what everyone has in common is that they are trying to maintain the rise launched at the beginning of the week.
• After another deterioration in Argentina’s crop rating, the Buenos Aires Stock Exchange downgraded its assessment of the new corn harvest by 1.5 mm to 36 Mmt and soybeans by 4 MMT to 25 MMT

Black Sea Grain Markets

• With the corridor still unclear from Ukraine, Ukrainian exporters yesterday dumped another Egyptian bread wheat auction
• Compared to the last purchase in mid-February, Egypt’s agreed wheat supply price fell by nearly $ 19 per tonne

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