17.
09.20
11:32

Grains strategy lowers forecast for EU corn harvest

The agricultural consultancy Strategy Grains has significantly reduced its forecast for the upcoming 2020 maize harvest in the European Union as a result of the dry, hot summer in important growing regions. Strategy Grains reduced the updated estimate by 2.5 million tons compared to the August forecast to 64.9 million tons. Last year 64.5 million tons of maize were harvested.
"For corn, the main development this month is the reduction in our harvest forecast in the EU, with declines for France, Italy and especially Romania," wrote Strategy Grains in his report.
The EU's crop monitoring service this week lowered its yield prospects for maize and other summer crops due to the drought in areas such as eastern Romania and parts of France.
Strategy Grains continues to include the UK in its EU supply and demand forecasts until a new trade deal is in place between the bloc and its former member, even though UK corn production is practically zero.
For common wheat, the consultancy increased its estimate of EU plus Great Britain production this year from 128.0 million tons in August to 129.3 million tons.The upward revision, reflecting increased estimates for the Baltic countries, Poland, the Czech Republic and the United Kingdom, ended a series of eight consecutive downgrades since the consultancy's first forecast of 140.5 million tons in December.
The revised estimate of EU common wheat production would still be 12% below the previous year's volume, in particular due to a poor harvest from top producer France due to the weather.
For common wheat exports, Strategy Grains stated that it had increased the planned deliveries from the Baltic countries in line with the increased harvest expectations and at the same time reduced exports for France.
The overall forecast for wheat exports from the EU and Great Britain is around 23 million tons.
"Indeed, there is little room for increase given the potentially greater export availability this month for 2020-21 in Canada, Australia and Russia," it said.

Source
Hansa Terminhandel GmbH
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