Given the persistent dry weather conditions in the EU, European Commission experts have revised the forecast for the European corn production 2022/23 by 5,9 million Tonnen compared to the previous month to 65,8 million tons, which is almost 7 million tons lower than the previous season's result.
At the same time, the corn import forecast for the month is raised by 1,5 million tons to 16,5 million tons, in line with 2021/22 levels. The prognosis for the final stocks of grain was reduced by 5,3 million tons to 15,6 million tons (-5 million tons per year).
In addition, a significant downward correction of the 2022/23 crop forecast for Soft wheat carried out in the EU – by 1,1 million tonnes per month to 123,9 million tonnes.
For comparison: the previous season's gross volume was 130,1 million tons. Given the lower production, forecast for European wheat exports is reduced by 2 million tons to 36 million tons (still above 2021/22 result - 29 million tons). Closing stocks are expected to be 13,7 million tonnes (-3,1 million tonnes per year).