Jan.-2024: EU-COM updates EU grain balance 2023/24 In its monthly revision of the EU grain supply, the EU Commission (EU-COM) has made minor changes. As a result, the 2023 harvest will be only slightly larger by +0.8% than in the previous year. However, in a 5-year comparison, the decline is around -4.2%. Domestic consumption increases by +0.74%. Wheat accounts for an unchanged 49% of the individual types of grain. Organic corn is in second place with a reduced 23% share , followed by barley with just under 18% . The biggest drop in production can be seen in oats , with a decline in production of -18% in a multi-year comparison. Exports, which were originally estimated to be higher, will be -4.2% lower year-on-year; The wheat share accounts for around two thirds of exports. At -23%, imports, with a focus on corn, have been cut significantly compared to the previous year. The background is the reduced animal population and the high amount of feed wheat. In contrast , an increase in imports of bread wheat is predicted due to low domestic production. At the end of the year, the final inventory will fall by -6.2% to 47.7 million t , but is still in the upper average range. EU supplies remain well secured.
