European agricultural association Coceral has revised down Europe's expected grain crop yield for 2018 to 285.3 million tons from a July forecast of 299.1 million tons following the summer drought. That compares with 300.2 million tons output last year. Wheat production forecasts were lowered to 129.9 million tons from 138.8 million tons, while corn projections were dropped from 60.3 million tons to 58.9 million tons. “We know already that the current drought episodes will impact the next marketing year. Farmers' representatives Copa and Cogeca predict oilseeds will drop to 30.7 million tons from last year's 33.5 million tons. The U.S. Department of Agriculture said on Friday that its latest outlook showed no change in farm income this year compared with 2017.
European agricultural association Coceral has revised down Europe's expected grain crop yield for 2018 to 285.3 million tons from a July forecast of 299.1 million tons following the summer drought. That compares with 300.2 million tons output last year. Wheat production forecasts were lowered to 129.9 million tons from 138.8 million tons, while corn projections were dropped from 60.3 million tons to 58.9 million tons. Farmers' representatives Copa and Cogeca predict oilseeds will drop to 30.7 million tons from last year's 33.5 million tons. The U.S. Department of Agriculture said on Friday that its latest outlook showed no change in farm income this year compared with 2017.