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The European Commission Predicts an Increase in Wheat Imports by EU

Mintec Global
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The experts of the European Commission raised the forecast for soft wheat imports to the EU in 2022/23 MY by 1 million tons compared to the November figure – up to 5 million tons, which is also 2.2 million tons more than the result of the previous season.

Lower domestic production and high consumption

It is noted that these adjustments were made taking into account lower domestic production and expected high consumption of grain. In particular, analysts reduced the estimate of the gross harvest of soft wheat crop-2022/23 by 0.5 million tons per month to 126.4 million tons (-2.6 million tons per year), and the consumption forecast was increased by 0.5 million tons – up to 97.6 million tons (+1.9 million tons per year).

At the same time, the forecast for exports and ending stocks remained unchanged at 34 (+4.7) million tons and 15.4 (-0.1) million tons, respectively.

Corn production is also be lower

As for other grains, it should be noted that the experts of the European Commission lowered the forecast for corn production in the EU in 2022/23 MY by 1.2 million tons per month – to 52.1 million tons (73.2 million tons were harvested in the previous season). The consumption forecast was reduced by 0.5 million tons to 76.8 (82) million tons, while imports and exports remained at the level of 23 (16.3) million tons and 2 (6.6) million tons, respectively. The forecast of ending stocks has been slightly increased – by 300 thousand tons, to 16.6 million tons compared to 20.4 million tons in 2021/22 MY.

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