Strategy Grains lowers forecast for EU corn crop

The agricultural advisory firm Strategy Grains has cut its forecast of grain maize production in the European Union by almost 5%. The reason for this is the hot and dry summer in France and Central Europe.
Strategy Grains estimates the maize crop in the EU-28 at 58.4 million tonnes in the report released today. Last month, 61.3 million tonnes were still expected and last year 59.3 million tonnes of maize were harvested in the EU-28.
Yields have dropped significantly in France, Germany, Poland and Central Europe due to the hot and dry weather this summer. The unfavorable conditions will ultimately put a heavy strain on the grain harvest of the EU, "said Strategy Grains in the report.
On Tuesday, France reduced its summer crop forecast by 400,000 tonnes due to unfavorable weather conditions.
In contrast, yields in Romania, Bulgaria and Italy are excellent.
Drought and heatwaves since late spring have resulted in poor yields and put a strain on the supply balance.The wheat future in Paris rose to its highest level in over five years
Strategy Grains lowered its estimate for this year's EU common wheat harvest for the seventh consecutive month to 126.8 million tonnes, 900,000 tonnes less than the previous month, mainly due to declines in Germany, Benelux, Denmark, Ireland, Austria, Finland and Sweden.
The EU soft wheat harvest in 2018 is therefore 11 percent below the previous year and yields are at their lowest level since 2012.
Due to the smaller harvest and the strong competition from the Black Sea region, the company lowered the export forecast for wheat wheat from the EU in the current season by 1 million tons to 18.8 million tons (previous year: 20.5 million tons).
In terms of quality, France was certified an excellent wheat crop. In most other countries, it was described as satisfactory. Exceptions are Romania and Bulgaria. The stocks suffered and the rainfall during the harvest.

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