EU hikes wheat stocks forecast as exports cut, imports raised

The European Commission on Thursday sharply raised its outlook for wheat stocks at the end of this season as it reduced forecast exports and increased expected imports.

The revisions highlight the prospect of large wheat supplies that has led to calls from some eastern EU countries to curb an influx of cheaper grain from war-torn Ukraine.

In supply and demand data, the Commission raised its forecast of EU stocks of common wheat, or soft wheat, at the end of the current 2022/23 season to 19.6 million tonnes from 18.1 million projected in late March.

That reflected a 1 million tonne cut to projected exports, now seen at 31 million tonnes, and a 0.5 million increase to forecast imports to 8 million tonnes.

The Commission also increased its projection of EU maize imports this season by 1 million tonnes to 24 million, though it also revised up expected maize exports by 1 million tonnes to 3 million and lowered slightly its maize stocks forecast.

In oilseeds, forecast 2022/23 EU rapeseed imports were increased to 6.5 million tonnes from 6.2 million last month.

For the upcoming 2023/24 season, the Commission trimmed its forecast of usable production of soft wheat to 130.2 million tonnes from 130.9 million previously, while raising its outlook for rapeseed output to 20 million tonnes from 19.8 million.
Source: Reuters (Reporting by Gus Trompiz; Editing by Kirsten Donovan)