EU cuts corn production forecast

EU lowers its corn production forecast for the second time and raises its wheat production forecast due to drought The EU Commission has lowered its forecast for this year's corn production for the second time. The Commission lowered its corn production forecast for the 2022-23 season by 10 percent from the 65.8 million tons announced a month ago, to 59.3 million tons. This will be the lowest production in the last 7 years. The EU Commission increased its corn import forecast for the 2022-23 season from 16.5 million tons to 20 million tons, and also lowered its export forecast from 5 million tons to 4 million tons. The EU Commission, on the other hand, increased its wheat production forecast. The Commission raised its wheat production forecast for the 2022-23 season from 123.9 million tons to 126 million tons. The sunflower seed production forecast was lowered from 10.5 million tons to 9.9 million tons.