Global wheat supply and demand looks set to remain tight for 2022/23.

According to the UK's Agriculture and Horticulture Development Board (AHDB), major exporters wheat stocks-to-use is now 12.8%. This is down 0.5% from January’s numbers and well behind the five-year average of 17.5%.

The news adds support for prices in the short term, but also into the 2022/23 marketing year.

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Europe

Stratégie Grains recently increased its forecast for the EU27 wheat area and it is now in line with last harvest at 21.70m ha.

However, there remains scope for a reduction to be made, as the French government recently reduced its wheat area estimate to 4.75m ha from 4.92m ha.

Stratégie Grains currently estimates the French wheat area to be at 4.93m ha.