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EU Raises 2023/24 Wheat Stocks

The European Commission on Monday raised its forecast for European Union stocks of common wheat, or soft wheat, at the end of the 2023/24 season as upward revisions to harvest production and imports boosted supply.

In monthly supply and demand data for cereal and oilseed crops, the Commission increased its projection of EU soft wheat stocks at the end of 2023/24 to 19.1 million metric tons from 18.4 million forecast in December, though that was still below last season’s 19.4 million tons.

Usable production of soft wheat from the 2023/24 harvest was raised by 0.2 million tons to 125.9 million, now slightly above 2022/23 output of 125.8 million tons.

Forecast soft wheat imports in 2023/24 were increased by 0.5 million tons to 7.0 million, though the expected volume remained well below the prior season’s 9.6 million tons.

The Commission kept unchanged its 2023/24 demand projections for soft wheat, including an expected export volume of 31.0 million tons, down from 32.7 million in 2022/23. It made few changes to other 2023/24 EU grain forecasts. Usable production of barley was raised by 100,000 tons to 47.4 million, still a 12-year low.

Maize production was still pegged at 61.4 million tons and maize imports at 19.0 million tons, though maize exports were cut by 0.3 million tons to 4.5 million.

Source: Reuters (Reporting by Gus Trompiz; editing by David Evans and Jane Merriman)