BRUSSELS, BELGIUM — The European Commission on Jan. 27 revised its forecast of European Union soft wheat stocks upward due to sharply increased imports.
The Commission forecasts soft wheat stocks to reach 13.3 million tonnes at the end of the 2021-22 marketing year, a four-year high and increase from its December projection of 12.9 million tonnes.
The Commission revised the EU’s soft wheat imports higher by 500,000 tonnes for an overall total of 2 million tonnes.
The Commission’s forecast for 2021-22 production and exports were unchanged at 130.6 million and 32 million tonnes, respectively.
Other highlights from the report include:
- Barley stocks lowered to 4.15 million tonnes from 4.5 million due mainly to a 300,000-tonne reduction in imports.
- Corn stocks declining significantly from 18.9 million tonnes to 17.3 million due mainly a rise in exports from 3.7 million tonnes to 5 million.