FAS USDA lowered the forecast corn crop and wheat exports from the EU
the Department of FAS at USDA reduced the forecast of grain harvest for the EU in the current season at 3.2 million tons to 296,7 mln. tn. This reduction is mainly due to the worsening prospects for the corn harvest in Germany, France and Romania. Hungary, by contrast, will collect more than previously predicted.
a total of 28 EU countries will gather 60,0 million tons of corn, 1.5 million tons less than previously expected, but higher than the results of previous lean season.
wheat crop in comparison with last year will fall to 15.5 million tons and will reach 144.5 million tons, but this estimate may be reduced. The greatest reduction of production undergone by France (-13 million tonnes), Germany (-2.5 million tons) and the UK (to 2.0 million tons).
Despite the reduction in harvest in the European Union there will be large number of offers of feed wheat. Through adverse weather conditions borodoulina the share of wheat declined significantly.
wheat Exports from the EU will be reduced to 9.0 million tons to 26.0 million tons.
This forecast contributes to the strengthening of prices of Ukrainian corn. Over the last few days it has risen from 145 $/ton up to 148-149 $/ton or 4450-4500 UAH/t on the basis CPT-port. An additional factor in the rising cost of corn was the drop in the rate of harvesting and the low activity of sales of grain by producers.