In the November review, European Commission experts revised the forecast for the corn harvest in the EU in 2022/23 MY, reducing it by 1.6 million tons to the figure announced in the previous month – 53.3 million tons, which is also almost 20 million tons less than the result of the previous season.
At the same time, the forecast for domestic consumption of grain analysts remained at the level of 77.3 million tons (in 2021/22 MY – 82 million tons) and raised the estimate of crop imports by 1 million tons – up to 23 (16.3) million tons.
Ending stocks of corn in the EU this season are expected at 16.3 million tons (-4.1 million tons per year).
As for wheat, the estimate of its production in the 2022/23 season has been reduced by 200 thousand tons over the month to 127 million tons (-2 million tons per year). The forecast for domestic grain consumption has been significantly increased – by 1 million tons per month, to 97.1 million tons (+1.4 million tons per year), and the forecast for European wheat exports has been reduced by 2 million tons – to 34 million tons (still higher result of 2021/22 MY – 29.3 million tons). Ending stocks are expected to be at the level of the previous MY – 15.5 million tons.
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