The European Commission on Jan. 27 revised its forecast of European Union soft wheat stocks upward due to sharply increased imports, ProAgro Group reports citing World-Grain.
The Commission forecasts soft wheat stocks to reach 13.3 million tonnes at the end of the 2021-22 marketing year, a four-year high and increase from its December projection of 12.9 million tonnes.
The Commission revised the EU’s soft wheat imports higher by 500,000 tonnes for an overall total of 2 million tonnes.
The Commission’s forecast for 2021-22 production and exports were unchanged at 130.6 million and 32 million tonnes, respectively. Other highlights from the report include:
- Barley stocks lowered to 4.15 million tonnes from 4.5 million due mainly to a 300,000-tonne reduction in imports.
- Corn stocks declining significantly from 18.9 million tonnes to 17.3 million due mainly a rise in exports from 3.7 million tonnes to 5 million.
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