The severe drought is expected to reduce the European Union's corn harvest by 10 million tonnes, falling to a 15-year low of 55.4 million tonnes, consultancy Strategie Grains said in its monthly forecast on Thursday.
The forecast marked a 15% cut from the July estimate of 65.4 million tonnes for EU maize production in 2022/23.
Crop analysts are lowering their outlook for the EU's corn harvest, as worsening drought and successive heat waves in major producing countries such as France, Romania and Hungary have strained crops during the crucial period of corn growth. summer.
“The outlook for 2022 grain maize harvests across Europe has deteriorated dramatically. This would be the smallest harvest since 2007,” Strategie Grains said in its monthly cereal report.
The declining harvest outlook has prompted Strategie Grains to raise its forecast for EU corn imports in 2022/23 by nearly 3 million tonnes to 20 million tonnes, now up from an estimate of 17.8 million for 2021. /22.
This would include 9 million tonnes of corn projected to come from Ukraine, although potential Ukrainian exports remain uncertain due to the ongoing conflict with Russia and pending progress in transporting grain across a maritime corridor.
The lower availability of maize could reduce the supply of wheat and barley, depending on how much grain the EU exports.
The company lowered its 2022/23 EU common wheat export estimate to 29 million tonnes from 30.4 million tonnes last month and now close to last season's level, awaiting further indications on Russian competition after a slow start. of your export campaign.
Strategie Grains kept its 2022/23 EU common wheat production forecast at 123.3 million tonnes, down from 6.5 million tonnes last season, and raised its barley harvest estimate by 400,000 tonnes to 50.0 million, now 1.9 million lower than in 2021/22.
Sources: investing.com
