The French are saying their wheat crop, the
biggest in the EU, may not yield as well as they previously thought.
Estimates are currently suggesting the crop
will be down by 800kmt, IGC peg the crop at 38.8mmt and USDA at 38.5mmt.
They are reporting a better picture for barley
estimating it to be up 1mmt on the year at 11.3mmt and rapeseed would reach an
anticipated 5.2mmt.
All eyes on
Germany then as the second biggest EU producer, early reports are harvest and
grain quality is looking good.
Hate to
rain on anyone’s parade but Ukraine and Russian (assuming they will be allowed
to export in to the EU and I suspect they will) wheat harvest is looking good
both in terms of yield and quality and for political reasons the EU will be
looking very favourably on agri-imports from Ukraine.