EU corn production estimate cut by 10% by French analysis firm
French analysis firm cuts EU corn production estimate by 10%
Paris, Nov 12 - French analysis firm Strategie Grains said in its monthly forecast report on Thursday that it had cut its estimate for this year's EU corn production by 730,000 tonnes to 56.21 million tonnes, citing downward revisions for France, Hungary and Romania.
Strategie Grains said production for the 2009/10 crop year is expected to fall 10% from 2008/09, as wet weather delayed harvesting in Greece and Bulgaria.
The analysis firm slightly raised its estimate for EU soft wheat production to 129.05 million tonnes, an increase of 100,000 tonnes from last month's estimate, as higher output in Romania, the Netherlands, Austria and Poland offset reduced volumes in France and Lithuania.
Strategie Grains said barley production was almost unchanged from last month's estimate at 61.61 million tonnes, but was down 6% from 65.43 million tonnes a year earlier.
The analysis firm said corn demand had fallen, mainly due to reduced industrial use in the Netherlands and weak animal feed demand. EU corn exports to third countries increased by 100,000 tonnes.
Strategie Grains also said that because the changes in supply and demand estimates were equal, the estimate for ending corn stocks as of Sept 30 fell by only 100,000 tonnes, to 4.2 million tonnes.
The firm raised its estimate for EU wheat exports by 900,000 tonnes, to 17.1 million tonnes, as EU wheat is more competitive than US wheat, exports to the Middle East have increased, and the export estimate to Egypt has been revised upward.
But demand within the EU decreased, mainly because demand for wheat used in animal feed is expected to fall by 2 million tonnes.
Strategie Grains said, "Despite the increase in the export estimate and the decline in the import estimate, the EU's balance this month is severely unbalanced, due to the sharp decrease in domestic demand."
The analysis firm said, "The EU's current wheat surplus is expected to exceed 6 million tonnes," mainly concentrated in Central Europe, such as Germany, France and the UK.
Strategie Grains also said that the EU barley supply-demand situation is unbalanced, with an expected surplus of 8.3 million tonnes, down from 8.6 million tonnes in September, due to increased demand in the animal feed sector and little change on the EU supply side.
Strategie Grains said production for the 2009/10 crop year is expected to fall 10% from 2008/09, as wet weather delayed harvesting in Greece and Bulgaria.
The analysis firm slightly raised its estimate for EU soft wheat production to 129.05 million tonnes, an increase of 100,000 tonnes from last month's estimate, as higher output in Romania, the Netherlands, Austria and Poland offset reduced volumes in France and Lithuania.
Strategie Grains said barley production was almost unchanged from last month's estimate at 61.61 million tonnes, but was down 6% from 65.43 million tonnes a year earlier.
The analysis firm said corn demand had fallen, mainly due to reduced industrial use in the Netherlands and weak animal feed demand. EU corn exports to third countries increased by 100,000 tonnes.
Strategie Grains also said that because the changes in supply and demand estimates were equal, the estimate for ending corn stocks as of Sept 30 fell by only 100,000 tonnes, to 4.2 million tonnes.
The firm raised its estimate for EU wheat exports by 900,000 tonnes, to 17.1 million tonnes, as EU wheat is more competitive than US wheat, exports to the Middle East have increased, and the export estimate to Egypt has been revised upward.
But demand within the EU decreased, mainly because demand for wheat used in animal feed is expected to fall by 2 million tonnes.
Strategie Grains said, "Despite the increase in the export estimate and the decline in the import estimate, the EU's balance this month is severely unbalanced, due to the sharp decrease in domestic demand."
The analysis firm said, "The EU's current wheat surplus is expected to exceed 6 million tonnes," mainly concentrated in Central Europe, such as Germany, France and the UK.
Strategie Grains also said that the EU barley supply-demand situation is unbalanced, with an expected surplus of 8.3 million tonnes, down from 8.6 million tonnes in September, due to increased demand in the animal feed sector and little change on the EU supply side.