With upward revisions in imports and production of soft wheat, the forecast for the European Union's ending stocks was raised in the European Commission's monthly supply and demand data, Reuters reported.

The commission forecasts common wheat stocks at 19.1 million tonnes at the end of the 2023-24 marketing year. Although this is up from last month's estimate (18.4 million tonnes), it remains below last season's levels (19, 4 million tons).

The report projects EU common wheat production at 125.9 million tonnes in 2023-24, up 200,000 tonnes from the December forecast and just above 125.8 million tonnes in 2022-23.

The 2023-24 soft wheat import forecast was raised to 7 million tonnes, up 500,000 tonnes from last month, although volumes will remain well below 9.6 million tonnes in 2022-23. Exports are forecast at 31 million tonnes, down from 32.68 million tonnes last season.

The Commission's 2023-24 forecast for barley production was raised slightly to 47.4 million tonnes, but the new figure still represents a 12-year low.

The corn crop forecast was unchanged from December at 61.4 million tonnes, while exports were down 300,000 tonnes to 4.5 million tonnes. Imports were forecast at 19 million tonnes.