In its monthly crop monitoring Mars report, the European Commission said that the winter crops were negatively affected in most of the growing regions in Europe due to bad weather and are expected to be resown along with spring or summer crops. Persistent dry weather conditions negatively impacted the crop yield projections in Southern Europe. Although, total wheat yield estimates stood at 5.7t/ha for 2024, compared to 5.6t/ha last year and the five-year average of 5.65t/ha.
The USDA’s weekly export inspection data for the week ending 21 March shows that the US exports for soybean remained strong, while corn and wheat shipments slowed over the last week. US weekly inspections of soybean for export stood at 768.7kt, up from 700.2kt in the previous week but lower than the 892.9kt seen last year. For wheat, export inspections stood at 315.4kt over the week, down from 394.5kt in the previous week and 403.9kt reported a year ago. Similarly, US corn export inspections fell to 1,228kt compared to 1,326.3kt a week ago; however, they rose from 688.4kt seen a year earlier.
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