Drought in the regions of production reduces the potential of grain and oilseed crops in the EU

Analysts at Refinitiv Commodities Research have lowered the forecast for soft wheat production in the EU in 2023/24 MY by 2.3 million tons compared to the previously announced figure - to 128 million tons, durum - by 0.5 million tons, to 7.6 million tons.

The forecast for corn harvest was also reduced by 0.8 million tons, to 64.1 million tons, and rapeseed - by 0.6 million tons, to 19.6 million tons.

Experts explain downward adjustments due to unfavorable weather conditions. In particular, hot and dry conditions in Poland, Romania, Hungary and the southern parts of France are negatively affecting the development of crops that are now moving into the flowering and pollination stage. Despite this, the expected harvest of the main crops still exceeds the results of 2022/23 MY.

Mostly hot dry weather is predicted throughout Europe throughout August, however these conditions may be beneficial for summer crops after grain filling.