The European Commission cut its forecast for the 2024 European Union wheat crop to a four-year low amid a projected bigger decline in planted area than previously expected. The commission now forecasts EU wheat production at 120.2 MMT, down 600,000 MT from its initial outlook. That would be the smallest wheat crop since 2020.
Despite the lower output, the commission raised its 2024-25 wheat ending stocks forecast by 500,000 MT to 20.4 MMT, due to an increase in expected imports. It left the 2024-25 EU wheat export forecast at 31 MMT, which would be unchanged from its outlook for this year.
