COCERAL TRIMS EU GRAIN OUTLOOK
COCERAL, in its latest forecast for the 2024 European Union/United Kingdom grain crop, trimmed its projection by 1 million tonnes to 295.5 million. Wheat production (excluding durum) is pegged at 134.1 million tonnes, compared to 139.4 million in the December and a 4% year-on-year decrease. Record rainfall late last year had a major impact on winter cereal (wheat/winter barley) sowing in northwestern Europe (France, Germany, UK, Baltics, Poland), while Spain’s production will substantially increase compared to 2023. The EU-27+UK 2024 barley production is now forecast at 61.2 million tonnes, up from 58.6 million in the previous forecast and 55.7 million harvested in 2023. The preliminary EU-27 forecast for corn production is 64.3 million tonnes, up from 63.7 million forecast in December and 62.5 million in 2023. The EU-27+UK rapeseed crop is forecast at 20.2 million tonnes, essentially unchanged from the previous forecast and down from last year’s 21.3 million.
(Link: WorldGrain)
ARGENTINA’S SOYBEAN CROP REVISED LOWER
Although Argentina’s soybean crop for the 2023-24 marketing year recently was revised lower due to a recent stretch of hot and dry weather, production is still forecast to nearly double last year’s output, according to a report from FAS. The FAS lowered its estimate by 1 million tonnes, to 49.5 million, in a Global Agricultural Information Network report. The FAS cautioned that weather forecasts for Argentina’s main agricultural regions through April indicate a mix of higher-than-normal temperatures and varying precipitation levels due to the current El Niño weather pattern. Due to the FAS’ downward revision in production, the country’s soybean crush is projected 1 million tonnes lower from the agency’s previous forecast. However, crush is seen significantly rising year-on-year, up 47% from 2022-23 to 39 million tonnes.
(Link: WorldGrain)
