Market Outlook

See the latest Wheat Outlook report.

European Union Wheat Production Forecast Down

European Union (EU) wheat production is forecast down this month 0.4 million metric tons (MMT) to 122.6 MMT, 9 percent lower than the previous year. France, the leading wheat producer in the bloc, is forecast to have its smallest crop in nearly 40 years following a season that featured unusually persistent wet and cloudy conditions. Quality of production for milling wheat is also expected to be an issue. EU wheat exports are forecast at 30 MMT, the lowest in 4 years while imports are forecast at a robust 11.5 MMT. Russia is also forecast to have lower shipments year to year on a smaller crop, but exports at 48 MMT would still be its third highest ever. Despite its historically low production this year, the EU is still forecast as the world’s second-largest exporter. Canada and Australia are forecast to have larger crops and exports year to year. U.S. wheat exports, forecast at a 4-year high, but is still only expected to be the fifth largest supplier.