The European Commission expects common wheat stocks for the 2023/24 season to reach 19.1 million tonnes, up from last month’s estimate of 18.4 million tonnes, according to the EC’s monthly supply and demand report. However, despite the upward revision, stocks are still lower than last season’s 19.4m tonnes, so there is no reason to increase pressure on the cereals market.
Common wheat production in the EU is forecast at 125.9 Mt for the 2023/24 season, up 200 000 tonnes from the December forecast and slightly above the 125.8 Mt for the 2022/23 season. The forecast for common wheat imports in 2023/24 is raised to 7 Mt, up 500 000 tonnes from last month, but still well below the 9.6 Mt in 2022/23.
Exports are forecast at 31 Mt, down from 32.68 Mt last season. The European Commission’s forecast for barley production in 2023/2024 was raised slightly to 47.4 Mt. Maize crop estimates were unchanged from December at 61.4 Mt, while export expectations were lowered by 300,000 tonnes to 4.5 Mt. Imports are estimated at 19 Mt.
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