EU cuts wheat export prospects in 2023
The European Commission (EC) on Thursday lowered EU’s soft wheat export projection to 31 million tons for 2022-2023 period, down from 32 million tons a month ago.
In contrast, regarding supply and demand data, the EU raised its forecast for soft wheat stocks to 19.6 million tons at the end of current season, up from 18.1 million tons forecast end-March.
The new forecast showed a one million ton cut in foreign sales and a 0.5 million tons increase in expected imports, to eight million.
Concerning EU’s corn imports, it also checked its forecasts upward by one million tons, to about 24 million for this season.
It also checked corn exports from one million tons to three million, and slightly lowered projections for corn storages.
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