The European Commission raised the forecast for the corn harvest in 2023/24 MR and lowered the import estimate

The European Commission has increased the forecast of corn production in the EU in 2023/24 from 59.9 to 61.4 million tons compared to the estimates of the previous month, which will exceed the harvest of the previous dry season by 15.6%, but will be 10.8% lower than the average of 5- annual indicator. At the same time, the forecast for corn imports to the EU in 2023/24 was reduced from 20 to 19 million tons.

The forecast for the production of soft wheat in 2023/24 MR was also increased from 125.6 to 125.7 million tons, which will practically correspond to 125.8 million tons of the 2022/23 season. The estimate of exports of common wheat from the EU was left at the level of 31 million tons, while the forecast of final stocks of common wheat was increased from 18.3 to 18.4 million tons.

The forecast for EU barley production in FY 2023/24 has been raised from 46.9 to 47.3 million tonnes, which will still be the lowest in 12 years due to reduced harvests in Spain and Northern Europe following the drought.

The estimate of rapeseed production has been lowered from 19.9 to 19.8 million tons, which will exceed the 19.6 million tons harvested in FY 2022/23.

The sunflower harvest forecast has been raised from 10 to 10.2 million tons, which will exceed the 9.3 million tons harvested in 2022/23.