EU WHEAT STOCKS RISE FOR 2023-24
With upward revisions to soft wheat imports and production, the European Union’s ending stocks forecast was raised in the European Commission’s monthly supply and demand data, Reuters reported. The Commission projected stocks of soft wheat at 19.1 million tonnes at the end of the 2023-24 marketing year. The report pegged EU usable soft wheat production at 125.9 million tonnes for 2023-24, up 200,000 tonnes from December’s estimate and slightly higher than 125.8 million tonnes in 2022-23. The 2023-24 soft wheat import projection was increased to 7 million tonnes, up 500,000 tonnes from last month. Exports were forecast at 31 million tonnes, down from 32.68 million tonnes last season. The Commission’s 2023-24 outlook for barley production was raised slightly to 47.4 million tonnes. The corn harvest outlook remained unchanged from December at 61.4 million tonnes, while exports were trimmed 300,000 tonnes, to 4.5 million tonnes. Imports were forecast at 19 million tonnes.
(Link: WorldGrain)
MEXICO’S CORN, WHEAT OUTLOOK LOWERED
Dry weather conditions resulting in a smaller planted area are expected to reduce Mexico’s corn and wheat output for marketing year 2023-24, according to GAIN. The FAS reduced its forecast for Mexico’s corn output 9% to 25.5 million tonnes, down from 28.1 million tonnes in 2022-23.Mexico’s 2023-24 corn imports are projected 1% higher than the previous year. Wheat production is seen at 3.5 million tonnes, 3% lower than 2022-23 production, based on updated official data that suggests reduced planted area. The FAS revised its expectation of 2023-24 imports upward 4% to 5.5 million tonnes based on anticipated lower production and increased consumption. Meanwhile, exports of mostly durum wheat are forecast to increase by 4% to 830,000 tonnes. “In 2023-24, the United States is forecast to continue to supply virtually all of Mexico’s grain imports due to supply chain and tariff advantages,” the FAS said.
(Link: WorldGrain)
