PARIS: Soft wheat exports from the European Union since the start of the 2023/24 season in July had reached 27.8 million metric tons by May 26, down 4% compared with 29.0 million a year earlier, data published by the European Commission showed on Tuesday.
EU barley exports totalled 5.3 million tons, down 14% against 6.2 million tons in the corresponding period of 2022/23, while EU maize imports were at 16.7 million tons, down 33% from 24.9 million tons a year earlier.
The Commission was resuming its normal weekly reporting of data up to the preceding Sunday, after repeated delays due to a technical problem. It did not publish the data for six weeks from early April to mid May before relaunching coverage last week with partial figures up to May 3.
The updated statistics nonetheless lacked some figures for Hungary, for which import data was only available up to November 2023, the Commission said.
The European Commission is up to date in compiling weekly figures on European Union exports and imports of cereal and oilseed crops, after repeated delays due to a technical problem, an official at the Commission told Reuters.
The Commission did not publish the data for six weeks from early April to mid May before resuming coverage last week when it released figures that went up to May 3.
The EU is collectively one of the world’s largest exporters of wheat and barley while a major importer of maize and oilseeds, making the data disruption a headache for market participants tracking global supply and demand.
By catching up on the remaining backlog, the Commission should be able to resume its normal practice of publishing on Tuesday at 4 p.m. (1400 GMT) figures that run up to the preceding Sunday.
The repeated delays were caused by a software change and the issue is now resolved, the official said.
The EU export and import data is nonetheless still lacking some figures that have not been submitted by certain member countries. The Commission remained in contact with those members to resolve technical issues at the country level, the official added.
European wheat futures climbed to their highest in more than a year on Monday as worries grew over Black Sea supplies after reduced harvest estimates for Russia and Ukraine and weather forecasts showing persisting dry weather.
September wheat, the most active position on Paris-based Euronext, was up 2.2% at 267.00 euros ($289.94) per metric ton by 1145 GMT.
It earlier rose to 267.50 euros, a 15-month peak for the contract and highest front-month price since last March last year.
The contract has risen nearly 18% in May. A lack of rain and late frosts are thought to have hurt crops in Russia, the world’s biggest wheat exporter, leading observers to cut projections for this year’s harvest.
IKAR has downgraded its wheat production forecast from 83.5 million tons to 81.5 million tons after bitter frosts, it said on Monday.
Russia’s Grain Union, meanwhile, said that 1.5 million hectares of crops in Russia have been damaged by frosts and the total figure could rise to 2 million hectares. In Ukraine, grain traders union UGA made a downward revision to its forecast for the combined grain and oilseed harvest this year, reflecting reduced planting and a dry May in part of the country.
The deteriorating outlook in the Black Sea region has also focused attention on mixed conditions in other export zones, including the European Union, where top producer France is being dogged by persistent rain. “The weather market is still on the agenda,” the Argus consultancy said in a note.
“Excessive humidity persists over much of Western Europe while dry conditions prevail in Russia and Ukraine.” Weather charts continued to show little rain in the coming days for much of southern Russia, with rising temperatures potentially exacerbating dryness.
“Today people are pricing in the absence of rain and a Russian crop more like 80 million tons,” one European trader said. Chicago wheat futures, a global benchmark, are closed on Monday for the US Memorial Day holiday, shifting the trading focus towards Euronext.
Chicago wheat hit a 10-month high last week and chalked up a 7% weekly gain.
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