Strategie Grains raises EU wheat exports forecast in 2020/21, lowers corn harvest forecast

0
0
Strategie Grains raises EU wheat exports forecast in 2020/21, lowers corn harvest forecast




FILE PHOTO. A French farmer drives machinery while harvesting wheat in his field in Chateau-Thebaud, France


© Reuters/STEPHANE MAHE
FILE PHOTO. A French farmer drives machinery while harvesting wheat in his field in Chateau-Thebaud, France


PARIS, Oct 15 (Reuters) – Strategie Grains on Thursday raised its outlook for common wheat exports from the European Union and Britain, citing increased competitiveness in world markets following a surge in Black Sea wheat prices.

In a monthly report, the consultancy put 2020/2121 exports at 25.0 million tonnes, up from a forecast of 23.0 million tonnes last month.

World wheat prices skyrocketed in September, and Euronext ground wheat futures gained 9% on growing concerns about adverse weather for crops in major exporting countries.

The rise was particularly pronounced in Russia, where farmers held off selling due to dry weather concerns despite strong demand.

Meanwhile, Strategie Grains lowered its forecast for the ongoing EU maize crop after a hot and dry boreal summer in some of the main producing areas.

The French consultancy now expects a grain maize output from the EU and Britain of 62.7 million tonnes, down from 64.9 million projected last month and 4.7 million tonnes below its August estimate. .

The reduction this month is mainly due to a cut of 1.5 million tonnes in its estimate for the corn crop in Romania and 200,000 tonnes in France.

For common wheat, Strategie Grains increased its estimate for EU and UK production this year to 129.5 million tonnes from 129.3 million in September.

(Report by Sybille de La Hamaide. Edited in Spanish by Javier Leira)

LEAVE A REPLY

Please enter your comment!
Please enter your name here