Strategie Grains Thursday raised its estimate for the European Union's 2012-13 corn harvest by 0.7 million tons, to 53.6 million tons, but said world prices could increase this winter given that demand is expected to outstrip extremely low global supply.
Extremely low wheat stocks in the European Union and across the world will mean prices of the grain will con-tinue to rise, Strategie Grains said Thursday, as it trimmed the bloc's estimated 2012-13 production by 0.2 million metric tons, to 122.7 million tons. The influential analyst group said it had lowered output estimates for the U.K. and Finland, as well as reduced harvest forecasts for Argentina and Australia--where winter wheat development has been hit by drought--and cut its outlook for the U.S. and southern Russia.
Extremely tight world markets for wheat, corn and soybeans should continue to create upward pressure for EU wheat prices, Strategie Grains said, which should increase significantly once export availability in the Black Sea countries runs dry in early 2013.
Extremely low wheat stocks in the European Union and across the world will mean prices of the grain will con-tinue to rise, Strategie Grains said Thursday, as it trimmed the bloc's estimated 2012-13 production by 0.2 million metric tons, to 122.7 million tons. The influential analyst group said it had lowered output estimates for the U.K. and Finland, as well as reduced harvest forecasts for Argentina and Australia--where winter wheat development has been hit by drought--and cut its outlook for the U.S. and southern Russia.
Extremely tight world markets for wheat, corn and soybeans should continue to create upward pressure for EU wheat prices, Strategie Grains said, which should increase significantly once export availability in the Black Sea countries runs dry in early 2013.
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