Despite the decline in wheat production forecasts in the EU, it may exceed last year's figure by 4%

Analysts of Refinitiv Commodities Research, taking into account the long drought and low level of soil moisture in the south-west of the EU, have reduced the forecast for the production of soft wheat in the EU in 2023/24 MR by 1 million tons to 131.2 million tons, which will still exceed 126 million tons for the 2022/23 season.

Central Europe has experienced cool and wet weather in recent weeks, while north-western regions and the Iberian Peninsula have experienced above-average temperatures. In Italy, France and Spain, the level of soil moisture is below normal, and meteorologists expect a further increase in temperature. In May, northern France and Italy may receive moderate precipitation, which will reduce the soil moisture deficit.

Data from satellite observations show that wheat crops are in good condition in most of Europe (with the exception of Spain).

The forecast for corn production in the EU in FY 2023/24 is left at 64.4 million tons, as cold and wet weather in France, although delayed sowing, improved soil moisture and the potential of the future harvest.