The European Commission increased its forecast for European soft wheat imports by 500,000 MT to 2.0 MMT in its monthly supply and demand report. That increase along with a 100,000-MT cut to the crop means total wheat ending stocks are forecast to rise to 13.3 MMT for 2021-22, up 400,000 MT from the December estimate, and a four-year high.
The Commission raised EU corn exports to 5.0 MMT, up 1.3 MMT from December. Usable production was reduced to 69.0 MMT, down 400,000 from the December estimate. Total corn ending stocks were cut to 17.3 MMT.
The commission reduced rapeseed imports to 4.9 MMT, down 400,000 MT from December. However, ending stocks were unchanged at 500,000 MT as domestic use was lowered by the same amount.
