EU Experts Have Negative Expectations for the Corn Crop

In the EU, a record low level of the corn crop is expected. It is forecasted that this will be the worst figure since the 2007-2008 season. The main reason is a severe drought that has been going on for several weeks in countries that are major grain producers. The EU predicts grain imports from Ukraine in the amount of 13 million tons. This was announced by the chief analyst of Argus Media (France), Nathan Cordier.

The EU's largest corn producers are Hungary, Bulgaria, and Romania. However, experts' expectations are extremely low. An Argus Media report says Romania's corn crop is expected to be 8Mt, Hungary will harvest 4.5Mt, and Bulgaria will harvest 15Mt. These countries are the main corn exporters for Spain, Italy, and Turkey. Also, Romania, Hungary, and Bulgaria supplied grain to the Middle East when there was a poor harvest in Brazil.

Cordier noted that a good harvest is also not expected in France. There were three waves of drought, so the crop will be harvested from only 68% of the area. The estimated volume is 11.2 million tons, with a yield per hectare of 8 tons. This is the worst figure in the last 20 years. According to the Argus Media forecast, the EU will be forced to import 23 million tons of corn for its needs. At the same time, 13 million tons are expected from Ukraine, and 5 million tons are expected from Brazil.