EU WHEAT TRACKER: Prices steady on week despite lower exports

Export prices of wheat from the EU remained largely steady over the past week, despite an overall drop in shipments.

The pace of exports from EU fell in the week to March 19, with shipments during the week estimated at 329,059 mt, compared with 396,462 mt in the previous week, data released by EU Crop Observatory on March 21 showed.

On the other hand, EU's wheat imports have decreased sharply on the week. During the week to March 19, EU purchased 129,483 mt, against 211,814 mt in the previous week, according to the data.

The EU Commission has pegged wheat output in marketing year 2022-23 (July-June) at 134.1 million mt, down from 138.1 million mt estimated for last year.

Output is seen declining due to drier weather and drought conditions during the sowing season.

Key data to watch out for in the EU wheat market in the week to March 24:

Source: S&P Global Commodity Insights, Directorate-General for Agriculture and Rural Development, EU Commission, Agri-food data portal, EU Commission.

This article is part of the EU wheat tracker series from S&P Global Commodity Insights, which is published weekly.