While the UK exited the shadow of Brexit and COVID-19 in marketing year (MY)2021/22 and put the 40-year low wheat crop of MY2020/21 behind it, the developments in Ukraine over the past few months have brought new uncertainties to the market.
EU’s total grain production for MY 2022/23 is anticipated to amount to 286 MMT, down from the 293 MMT registered the previous season. The favorable growing conditions across the EU are not anticipated to counter the reduction expected in area planted to grains.
In MY2021/22, total European Union grain production is anticipated to rebound nearly 7 MMT to 286 MMT. After persistent drought last season, yields in the main producing EU Member States are expected to return to average levels.