Toepfer International Says Good Crops in Europe are Likely to Leave the World Awash in Wheat
German grain trader Toepfer International states in its latest report that good wheat crops are expected across Europe with the exception of Spain which has been experiencing dry weather since the beginning of April. Nearly all major European production regions have had sufficient rainfall and Germany and France are expected to have harvests equivalent to last year. Toepfer agrees with the forecast of the U.S. Department of Agriculture (USDA) of a global crop of 697 million tons, which will be 17 million tons less than last year but the second biggest crop on record. European wheat production could reach 137-140 million tons exceeding last year’s harvest of 136.2 million tons. Russian output is reportedly more difficult to pinpoint as half the country’s wheat acreage was planted in spring wheat and planting is not yet complete. Canadian wheat sowing is also not yet complete however last year’s bumper crop has left significant wheat available for export. The U.S. is predicted to harvest its smallest wheat crop in eight years at 53.4 million tons because of drought.
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