Drastic cut in EU production
Although the European Commission initially persisted on issuing comparatively high production estimates in recent months, this has now changed. Production estimates have now been cut from 10.7m mt to 9.8m mt in the recently issued September update, which ranges much closer to the USDA (9.75m mt) and Coceral (9.4m mt) production estimates. Issue is that yields are lower than anticipated in Romania and Bulgaria. Production should, by contrast, rise in Hungary and in France.