Coceral raises EU and UK wheat harvest forecast; See the rise of corn

PARIS (Reuters) – Grains trade association Coceral on Tuesday raised its forecast for “soft” wheat production in the European Union and Britain by 400,000 metric tons to 134.5 million metric tons, but still expects it to be 4% below 2023 due to rain damage.

In its third forecast for the next harvest, Coceral cut its outlook for barley harvest in the UK + block in 2024 to 59.9 million tonnes, down from 61.2 previously, but up 10% on last year.

“The rainfall recorded at the end of last year had a major impact on the sowing of winter cereals (wheat/barley) in northwestern Europe (France, Germany, England, Baltics, Poland), while production in Spain will increase significantly compared to 2023”, Coceral said in a note.

Spain is expected to double its wheat and barley production this year after last year’s severe drought devastated crops.

Denmark and Finland will have better barley harvests than in 2023, Kocerel said.

For corn, Coceral estimates EU + UK production at 64.8 million tonnes, up from 64.3 million forecast in March and up from 63.8 million last year.

For oilseeds, Koceral cut its rapeseed harvest forecast to 19.4 million tonnes, down from 20.2 million in its previous forecast and 21.4 million in 2023.

(Gus Trompiz and Sybille de La Hamaide) report