EU cuts 2022/23 wheat crop forecast, still sees record exports

The European Commission lowered its forecast for the 2022/23 European Union wheat harvest on Friday, but maintained its projection for record EU exports as war disrupts supply from Ukraine.

In monthly cereal supply and demand estimates, the Commission cut its outlook for usable production of common wheat, or soft wheat, in the 2022/23 season to 130.1 million tonnes from 131.3 million tonnes previously.

It kept its forecast for EU soft wheat exports in 2022/23 at 40 million tonnes, which would be an all-time high for the bloc.

However, the Commission increased its projection of EU soft wheat stocks by the end of 2022/23, to 12.6 million tonnes from 12.2 million a month ago, reflecting an upward revision to expected supply this season.

For 2021/22, soft wheat ending stocks were raised to 14.8 million tonnes from 13.2 million previously as forecast exports were cut by 1 million tonnes and expected imports increased by 0.5 million tonnes.
Source: Reuters (Reporting by Gus Trompiz and Forrest Crellin Editing by Jason Neely and Mark Potter)