EU trims wheat stocks outlook on feed use, barley crop cut

The European Commission on Thursday cut its monthly forecast of European Union stocks of common wheat, or soft wheat, mainly due to an increased projection of wheat use in livestock feed.

In its grain supply and demand outlook, the Commission pegged soft wheat stocks at the end of the 2023/24 season at 18.3 million metric tons compared with 19.1 million previously.

That reflected a 1 million ton upward revision to expected feed demand for wheat in 2023/24. The increase was in turn linked both to ample wheat supplies and low production this season of oats, the Commission said.

Projected EU soft wheat exports this season were left unchanged at 31 million tons.

For barley, 2023/24 usable production in the EU was cut again to a new 12-year low of 46.9 million tons, down from 47.5 million forecast in October.

The barley crop was hurt by drought and hot spells this year in Spain and Scandinavia, which are major production zones.

Forecast EU barley exports in 2032/24 were cut by 0.5 million tons to 9.5 million in view of the reduced production and the current pace of shipments, the Commission said.

For maize, which is still being harvested, estimated usable production for 2023/24 was kept at 59.9 million tons.
In oilseeds, estimated output for rapeseed in 2023/24 was increased to 19.9 million tons from 19.8 million previously, now a nine-year high.
Source: Reuters (Reporting by Gus Trompiz; Editing by Kirsten Donovan and Barbara Lewis)