EU raises wheat stocks forecast on import hike

The European Commission on Thursday increased its forecast of European Union common wheat stocks at the end of the 2021/22 season as it revised up sharply expected imports.

In monthly supply and demand projections, the Commission projected stocks of common wheat, or soft wheat, at the end of the season at 13.3 million tonnes, up from 12.9 million seen in December and a four-year high.

This month’s increase to the stocks forecast was mainly due to a 500,000 tonne upward revision to 2021/22 EU common wheat imports to 2.0 million tonnes.

In contrast, a cut to expected barley imports to 1.0 million tonnes from 1.3 million led the Commission to lower its forecast of 2021/22 barley stocks to 4.15 million tonnes from 4.5 million seen last month.

For maize, the Commission cut its forecast of 2021/22 usable production in EU’s 27 member countries to 69.0 million tonnes from 69.4 million a month ago.

Combined with a sharp rise in projected maize exports, to 5.0 million tonnes from 3.7 million forecast in December, that brought down expected maize ending stocks to 17.3 million tonnes from 18.9 million.

The Commission left its forecast of EU maize imports in 2021/22 unchanged at 14.5 million tonnes.

In oilseeds, forecast imports of rapeseed were lowered to 4.9 million tonnes from 5.3 million tonnes.

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Tags: corn, grain, barley, EU, wheat, rapeseed