Copa-Cogeca increases its estimate for 2015/16 EU wheat crop

The Association of European Agri-Cooperatives (Copa-Cogeca) has sharply increased its estimate for EU wheat production in 2015/16. Back in July, the organization had forecast a figure of 144 million tons, but now it claims that 153.9 million tons have been harvested, including 146.3 million tons of soft wheat.

The European Commission currently predicts a figure of just shy of 149 million tons, including 140.6 million tons of soft wheat. The European Commission also looks set to raise its estimate in the near future. It is unlikely to see much need to correct its corn estimate, however, as its forecasting unit MARS left its yield estimate largely unchanged recently and still expects the crop to be a good 20% down on 2014, notes Commerzbank.