On Tuesday, October 13, the French Ministry of Agriculture revised down virtually all crop forecasts for grains, oilseeds and sugar beet. The reason? The adverse weather conditions in the season. For the quotations on the Matif, the results are a reason to take steps upwards.
In the monthly harvest report of the French agriculture ministry, the biggest blow is for corn. The forecast for the corn harvest has been adjusted downwards to 13,5 million tons, compared to 14,1 million tons last month. However, since the sown area is considerably larger this year, the volume remains 6% above last season and more than 4% above the 5-year average. The fact that there is less corn available is also visible at the Matif in Paris. It was quoted at €13 per ton on Tuesday, October 178, which is the highest level for this period of the year since 2012.
Wheat harvest almost 20% below average
The agriculture ministry has lowered yield expectations for common wheat to 29,2 million tonnes, a reduction of 300.000 tonnes from last month. The reason for this is, among other things, a smaller sown area. This means that the largest grain-producing country in the European Union is achieving one of the smallest wheat harvests in years. The expected harvest is 26% below last season's level and no less than 18% below the 5-year average. The low yield is also reflected on the Matif in Paris. The quotation for wheat there now stands at €202,75 per tonne, which is the same as the dry year of 2018.
In addition, the ministry has also lowered the harvest forecast for barley: from 11 million tons last month to 10,5 million tons currently. This means that the barley harvest is expected to be 23% below the level of last season and the yield is approximately 13% lower than the average of the past 5 years.
Less sugar beets and rapeseed
Harvest expectations for sugar beet have also been lowered in the latest report from the French Ministry of Agriculture. According to the latest figures, the harvest this season will amount to 30,5 million tons, compared to 32,2 million tons last month. This would mean the harvest would be 20% below the level of last season.
The harvest forecasts for rapeseed are 7% below last season's level, at 3,27 million tons. This is also no less than 32% less than the 5-year average. This is also partly due to a smaller area. The cultivation of oilseed rape seems to be increasing less popular to be. The quotation took a small step up again on Tuesday, October 13, and amounts to €391 per tonne. This means that rapeseed prices are slightly above the average of recent years.