The European Commission has raised its forecast for 2016-17 maize stocks slightly and trimmed projected barley stocks, according to a revised version of its monthly EU cereals supply-and-demand outlook released on Thursday. The updated figures posted on the Commission's website showed projected maize (corn) stocks of 10.16 million tonnes, compared with 9.95 tonnes million indicated in its initial version of the monthly report issued last week.
The adjustment was much smaller than a sweeping revision the Commission made last week to its maize stocks estimate, when it slashed expected stocks from 15.9 million after raising its estimate for maize use in ethanol fuel.Thursday's updated document showed changes to 2016-17 EU maize imports, which are now seen at 13.7 million tonnes compared with 14 million last week, as well as EU maize exports, now pegged at 2.2 million versus 2.7 million previously.
For barley, 2016-17 end-of-season stocks were projected to be 9.5 million tonnes rather than 9.8 million shown last week, mainly reflecting an increase in the EU's forecast for barley use in animal feed to 39.4 million from 39.1 million previously.
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