PARIS: Consultancy Strategie Grains on Thursday again cut its forecast for European Union soft wheat exports in 2021/22 due to competition from South American and Black Sea suppliers, as well as reduced expectations for Algerian and Egyptian imports.
It lowered its outlook for EU exports of common wheat, or soft wheat, this season to 30.4 million tonnes from 31.2 million tonnes projected in January. The consultancy had already trimmed its forecast by 0.3 million tonnes last month.
Strategie Grains nonetheless revised up projected EU wheat exports to China and Morocco, and said it expected renewed French sales to Algeria later in the season after an easing in diplomatic tensions.
At the same time, it cut its forecast of EU soft wheat stocks at the end of the season, to 10.8 million tonnes from 11.1 million seen last month, as the reduced export outlook was outweighed by a sharp upward revision to animal feed demand and a slight cut to harvest production.
In contrast, it raised expected maize (corn) stocks in 2021/22 as it increased its estimate of last year’s harvest while also revising up its forecast of EU maize imports.
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