PARIS (Reuters) – Strategie Grains on Thursday announced an increase in its forecast for this year’s corn crop in the European Union due to good yields and revised Polish estimates.
In a monthly grain report, the consultancy projected for 2021 corn production in the 27 countries of the European Union at 67.5 million tons, above the 64.9 million tons previously expected and above the 2020 harvest of 64.6 million of tons.
Farmers are harvesting maize in Europe, with a slow start to fieldwork in some countries, increasing attention to harvest prospects.
The prospect of higher production led Strategie Grains to lower its forecast for EU corn imports in the 2021/22 crop to 13.9 million tonnes, down from 14.4 million last month, and now slightly below the level of 2020/21.
Despite the expected increase in crop supply, EU corn stocks this season “will remain pretty tight,” the consultancy said when reviewing demand for corn.
Competitive prices against wheat and barley are attracting greater use of corn in livestock feed and in industrial products such as starch.
However, he warned that high commodity costs could reduce demand from livestock farmers going forward.
Improved margins for ethanol should also lead to higher demand for corn for biofuels compared to last season, he added.
For wheat, rising prices were reducing competitiveness for exports and also for feed use, especially French wheat.
(Reporting by Gus Trompiz)
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