EU raises 2021/22 wheat export forecast, cuts stocks

EU raises 2021/22 wheat export forecast, cuts stocks

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Adds Commission comment on export pace

PARIS, Nov 25 (Reuters)The European Commission on Thursday increased its forecast of European Union common wheat exports in 2021/22 to 32.0 million tonnes from 30.0 million projected last month.

The upward revision reflected “the dynamics of the soft wheat market since the beginning of 2021/22 marketing year,” the Commission said in a presentation accompanying monthly supply and demand data for grain.

The raised export outlook led the Commission to cut its projection of stocks of common wheat, or soft wheat, at the end of the season to 12.7 million tonnes from 13.9 million a month ago.

It raised slightly its estimate of 2021/22 usable production of common wheat to 130.4 million tonnes from 130.3 million previously.

Brisk exports have contributed to a rally in European prices to record highs this week, with adverse weather in Australia raising expectations that the bloc could attract further demand. GRA/EU

For maize, the Commission raised its forecast of 2021/22 usable production in EU’s 27 member countries to 68.4 million tonnes from 67.8 million a month ago, and kept unchanged its forecast of EU maize imports in 2021/22 at 14.5 million tonnes.

(Reporting by Gus Trompiz and Sybille de La Hamaide. Editing by Jane Merriman)

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