EU Raises Wheat Production Estimate, Downgrades Inventory Estimate

~ ~
EU Raises Wheat Production Estimate, Downgrades Inventory Estimate

2015-05-07 15:11 |
source: China Grain Network |
the European Commission raised its forecast for soft wheat production this year to 0.1416 billion tons on the 6th, compared with 0.1411 billion tons last month, but still significantly lower than the record 0.1482 billion tons in 2014.

In the monthly supply and demand forecast published on the website, the EU lowered its year-end inventory forecast for soft wheat in 2015/16 to 15 million tons, up from 16.2 million tons previously, mainly due to increased demand for animal feed.

The EU lowered its barley production forecast for this year from 59.6 million tons to 58.6 million tons and its corn production forecast from 68 million tons to 66.3 million tons.

The EU's year-end barley inventory forecast for 2015/16 was lowered by 1 million tons to 9 million tons. The forecast for corn stocks for the next year will be lowered by nearly 3 million tons to 16.3 million tons due to the decrease in production and the increase in feed demand by 1.5 million tons.