The experts of the European Commission made the forecast for the import of Wheat to the EU in 2022/23 increased by 1 million tonnes compared to November to 5 million tonnes, which is also 2,2 million tonnes more than the result of the previous season.
It is noted that these adjustments were made taking into account lower domestic production and expected high grain consumption. In particular, analysts have lowered the estimate of the gross survey of the 2022/23 wheat crop by 0,5 million tons per month to 126,4 million tons (-2,6 million tons per year) and the consumption forecast has been increased by 0,5 million tons 97,6 million tons (+1,9 million tons per year) increased.
At the same time, the export forecast for final stockpiles remains unchanged – at 34 (+4,7) million tons and 15,4 (-0,1) million tons.
As for other cereals, it should be noted that the experts of the EU Commission have made the forecast for the corn production in the EU in 2022/23 by 1,2 million tonnes per month to 52,1 million tonnes (73,2 million tonnes harvested in the previous season). Consumption forecast was lowered by 0,5 million tons to 76,8 (82) million tons, while imports and exports were kept at 23 (16,3) million tons and 2 (6,6) million tons respectively. The forecast for ending stocks has been raised slightly - by 300.000 tonnes to 16,6 million tonnes compared to 20,4 million tonnes in 2021/22.
Source: agro sector (Kazakhstan)