European Union Trims Grain Crop Forecasts, Export Outlook

Posted on 06/04/2018 9:54 AM

Europe will produce smaller grain crops this year than forecast a month earlier after adverse weather, the European Commission says in report today.

Wheat production in the 28-member states forecast at 140.25 million metric tonnes, down from 141.5 million estimated in May. Barley output in the 2018-19 marketing year now seen at 61 million tonnes, compared with 61.3 million forecast a month earlier. Wheat export forecast for 2018-19 left unchanged at 27 million while, while this season’s exports cut to 21 million from 23 million expected a month earlier. Barley exports in the coming season seen at 10.1 million, down from 10.5 million estimated in May.

Corn output in the 2018-19 season forecast at 63.9 million, down from 64 million forecast in May. Corn imports may rise to 16.4 million, up from 15 million estimated a month ago.

Nonetheless, corn and wheat futures in Chicago tumbled in early trading Monday after weekend rains from Illinois to the Canadian Prairies boosted grain production outlooks in North America.

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