International grain harvest continues to gather pace
France is on course for a strong 2025 harvest. Soft wheat production is forecast at 32.6 megatonnes (Mt), up 27% on last year's rain-hit harvest and 2.4% above the five-year average. Barley output is also expected to rise to 11.8Mt, a 19% year-on-year increase.
Favourable weather has accelerated harvest progress. By July 07, 36% of France's soft wheat had been cut, compared with just 4% at the same time last year and a five-year average of 15% at this point in the season
However, EU wheat exports are off to a slow start this season, with just 246Kt shipped by July 13, down from 1.12Mt last year. French figures are not yet included.
Meanwhile, trade organisations in Russia are reducing that country's 2025 wheat production forecast to 84.0Mt. This is down from a previous estimate of 84.5 Mt.
The revision reflects ongoing drought in key southern regions. Export projections have also been slightly reduced in line with the lower output.
According to AHDB analysts, the US winter wheat harvest reached 63% completion by July 13, just below the expected 64%.
This is up from 53% the previous week, but still behind last year's 70%. Spring wheat conditions were rated 54% good to excellent, better than market expectations, but well below the 77% reported at the same point last year.
Recent rainfall has helped ease concerns over drought-related yield losses for US maize crops.
Crop conditions held steady with 74% rated good to excellent, unchanged from the previous week and ahead of last year's 68%.
Meanwhile, the US administration has announced a 30% tariff on imports from the EU and Mexico, effective August 1.
It has also threatened further tariffs on Russia's trade partners if the Ukraine conflict remains unresolved. These developments could weigh on global grain demand and prices.
These developments have coincided with the publication by the US Department of Agriculture (USDA) of its latest World Agricultural Supply and Demand Estimates (WASDE) report.
Projected global wheat ending stocks for 2025/26 were lowered by 1.2Mt to 261.5Mt compared to June figures. This is mainly due to reductions in Canada and the EU.
Compared to June, forecasted lower production in Canada, Ukraine, and Iran offset higher production in the EU, Kazakhstan, Pakistan, and Russia.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sunday World
27 minutes ago
- Sunday World
Conor McGregor adds €17,500 red wine to Black Forge menu
McGregor charges €6.50 for a pint of Guinness in his pub, compared to his own-brand Forged Irish Stout's €6 price point Conor with Stephanie Simons in the Black Forge with two bottle of Petrus worth €35k Conor McGregor has been whining this weekend about losing his appeal case against Nikita Hand but he also enjoys a wine of a different nature — which is undoubtedly the most expensive served in an Irish pub. The MMA star has on his drinks menu at his Black Forge pub a bottle of Petrus 2005 red wine for an astonishing €17,500. Other bottles of red wine are in the more affordable bracket for most punters, ranging in price from €32 to a still pricey €690, while the cheapest bottle of white is €32. A rosé starts at €36, while bottles of champagne range from €150 to €780. McGregor charges €6.50 for a pint of Guinness in his pub, compared to his own-brand Forged Irish Stout's €6 price point. Most lagers in the pub are priced at €7.30. The Black Forge wine list 'I was taken aback at how someone going to a pub in a working class area like Crumlin would be even thinking about spending nearly twenty grand on a bottle of wine,' remarked one person in the pub, who highlighted the startling price on the menu. 'I was told that of course no one from Crumlin or Drimnagh would spend €17,500 for a bottle of wine, but that it is 'Conor's favourite', and he drinks it from time to time when he's in the pub.' It's unclear whether McGregor actually puts the huge cost of the French wine on his bill, but he would still be hit deep in the pockets either way. That's because online wholesale prices for that same bottle of wine show that it's fetching around €5,600 on the open market, leading to a profit of just over €12,000 if any customer decided to fork out for it in the Black Forge. The 2005 Petrus on the Black Forge wine list for €17.5K . 'Petrus is often considered the pinnacle of the Pomerol appellation and is undoubtedly one of the most revered wines in the world,' says one expert. 'The 2005 Petrus is dazzling. Rich, ample and explosive, the 2005 possesses magnificent density from start to finish.' McGregor is currently on holiday with his family on his yacht in the Mediterranean. On Friday he issued a rambling statement after Nikita Hand's latest victory, in which he vowed he would not be paying his pal James Lawrence's legal costs after the High Court threw out both of their appeals. Conor with Stephanie Simons in the Black Forge with two bottle of Petrus worth €35k McGregor had tried to challenge the outcome of a civil rape case Nikita Hand won against him last year when a jury found he had assaulted her in a Dublin hotel in 2018 and awarded her almost €250,000 in damages. McGregor had asked the Court of Appeal to allow in new claims that Ms Hand was punched and kicked by her then partner just hours after she says she was raped by McGregor in 2018. However, the allegations, made by Samantha O'Reilly and Steven Cummins, former neighbours of Ms Hand, were dramatically withdrawn by McGregor's legal team on the morning the case opened in July. Nikita Hand slammed the allegations as 'lies' and is now suing both the couple and McGregor for damages, claiming they had been involved in 'malicious abuse' of the processes of the Court of Appeal. The Sunday World called to the home of Samantha O'Reilly in south Dublin on Friday but a neighbour told us: 'She doesn't want to talk.' Conor with Stephanie Simons in the Black Forge with two bottle of Petrus worth €35k News in 90 Seconds - Tuesday, August 5th
Irish Times
2 hours ago
- Irish Times
Has Ireland become too pricey for tourists? An economist and a tourism industry representative debate
David W Higgins: Ireland's hotel and restaurants prices are almost 30% higher than EU average When tourists travel there are a mix of costs. This can include flights, car rental, souvenirs and guided tours. High on the list is the cost of restaurants and hotels . It's basic. Tourists need somewhere to stay at night and eat throughout the day. The prices set for these items can decide if their trip happens or not. It's therefore disappointing to continually find that Ireland compares poorly across Europe when measuring these costs. Eurostat recently compared countries for the mix of prices on hotels and restaurants in 2024. It found that Ireland was 29.3 per cent higher than the EU average. The only country higher than us was Denmark on 47.6 per cent. There's a silver lining in being second because it means the Danes can feel rich travelling here. I once met a Dane who said coffee in Dublin was really affordable. You can imagine the raised eyebrows and blank stares from anyone who heard this. With a population of just six million, Denmark won't be enough to keep Ireland a vibrant tourist destination going forward. The years emerging from the Covid pandemic saw countries around the world rattled by supply chain disruption and an emergence of meaningful price jumps for the first time in decades. Consumer prices in Ireland are up 25 per cent across the board since 2016. READ MORE As wages have also risen here and elsewhere, we can assume this first 25 per cent move isn't an issue. It's price growth above these levels that should worry us. That's where restaurants and hotels continue to sound alarm. Prices linked to restaurants and hotels are up 39 per cent on 2016, according to Eurostat. What's worse is that this masks the underlying mix of the two parts. Inflation data is compiled with the Irish consumer in mind. In a given year, many of us spend sizeable amounts with local cafes, pubs and restaurants. Our spend on hotels is a much smaller fraction. Inflation among accommodation providers is up a seismic 77 per cent. It's manageable for locals and sometimes unnoticed because domestic travel is less frequent than our visits to restaurants. Now put yourself into the shoes of international travellers. Their mix of spending is heaviest on accommodation. It's the main plank of their trip. [ Alarm bells are sounding over falling visitor numbers. But is tourism really in crisis? Opens in new window ] The hospitality sector has admittedly faced rising input costs. All sectors have. We can give further allowance to policy changes such as higher minimum wage levels. This has notched up wages across hospitality at a pace higher than in other sectors. You can understand how restaurants, cafes and pubs have had to pass on higher costs. It's just hard to feel sympathy for hotels. But how is this possible? Surely a competitive market will attract new hotels, B&Bs and other sources of supply? The opposite has taken place. The surge in migration sent the Government scrambling for beds. Hotels were offered safe contracts which guaranteed income, instead of the precarious fluctuations they normally face from tourism. Even with International Protection Accommodation Services numbers falling, the latest data shows 7 per cent of hotel rooms are still used for this purpose. Releasing these rooms would mean a welcome easing to price pressures. It's all the more essential given the clouds that now hang over the tourism sector. The latest CSO data on international arrivals showed a 10 per cent decline in May, compared with the same month last year. Travellers from continental Europe are down 21 per cent. You might have expected travellers from America to be down, given the moves in the dollar this year. Numbers are actually up 11 per cent. But this is only cause for more alarm. As the tariff story unfolds, we may also see a turn. Americans are on course for a big inflation development of their own. Something's gotta give somewhere, because international tourists will only keep giving so much. David W Higgins is an economist Eoghan O'Mara Walsh: Nearly two-thirds of all holidaymakers rate us as 'very good' or 'good' value Now that we are in the peak summer tourism season, a question often asked is if Ireland is still a value-for-money destination? In my opinion, the answer is yes – and crucially it is not my opinion that counts. Fáilte Ireland, the State agency for tourism, carries out annual surveys with tourists as they are holidaying here. One of the key responses that is closely monitored by industry leaders is the value-for-money question. The latest available research shows Irish tourism is doing pretty well: 63 per cent of all holidaymakers report Ireland as being 'very good' or 'good' value, with a further 32 per cent rating us as 'fair' value and only 5 per cent rating us as 'poor' value. US visitors, buoyed by a relatively strong dollar were most positive; cash-strapped British and price-conscious Europeans a little less enthusiastic. The truth is that Liveline anecdotes about how expensive Ireland is as a holiday destination are often more of a domestic concern, whereas the international visitor tends to be a little more insouciant. The three primary reasons visitors come to Ireland after all are low-cost to no-cost: the friendliness of the people, the stunning scenery, and our culture and heritage. That's not to say Ireland isn't a northern European destination in terms of costs and prices. Last month, as noted above, Eurostat ranked Ireland as the second most expensive country in the EU, with prices 38 per cent higher than the average. That is bound to find its way into the pub, restaurant and hotel bills that consumers pay. There is a huge onus on tourism and hospitality businesses to continue delivering a compelling experience for visitors. If the quality of the Irish tourism product drops then we certainly will have a problem. [ Is Ireland really suffering a tourism collapse? Opens in new window ] How Irish tourism is faring this summer depends on who you talk to. National Central Statistics Office numbers indicate a double-digit tourism decline for the first half of the year, whereas industry data is less alarmist, pointing to a flat year. Consistent feedback, though, from all quarters is that escalating costs of business continue to squeeze already tight profit margins. Many of these business costs are of course State-induced and tourism chiefs are rightly pressuring Government to row back on some of these impositions. That is why industry leaders are pushing for Government to deliver on its commitment to restore the 9 per cent VAT rate for hospitality on budget day. My economics lectures may have been some time ago but even I remember that adding supply to meet demand helps moderate prices. So as well as curbing costs of business, the Government should be working to attract additional capacity into the market. Instead it seems to be doing the opposite. Tourism chiefs are mystified with the proposed draconian clampdown on short-term rental tourism properties. There is widespread agreement urban centres need more long-term rentals but the blunt way the legislation is currently designed means there is a real risk that rural and coastal Ireland will be denuded of holiday homes and self-catering properties, a staple of Irish tourism for decades. Taking so much stock out of the market is going to do nothing to support our value proposition. And why hasn't the passenger cap at Dublin Airport been lifted by this stage? It has been debated ad nauseam. More air access into the island's main gateway would lead to greater competition and better value for visitors coming to our shores. [ The Irish Times view on the Dublin airport cap: will politicians or the courts finally decide? Opens in new window ] Tourism and hospitality is the country's largest indigenous industry and biggest regional employer. There are more than a quarter of a million people employed in the sector across 20,000 businesses. Put simply, tourism matters. Minister for Tourism Peter Burke is set to unveil a new national tourism policy this autumn. Hopefully it will match the ambitions of the industry. But sustainable growth can only be enabled by pro-tourism and pro-enterprise policies. Competitiveness is all-important. Let's curb additional business costs and facilitate extra supply into the market. That will be a win for the visitor, for industry, for the exchequer and for the communities across swathes of regional Ireland where tourism is the only show in town. Eoghan O'Mara Walsh is chief executive of the Irish Tourism Industry Confederation
Irish Independent
2 hours ago
- Irish Independent
Flood of funds for AI in the US leaves Irish start-ups scrambling
Global venture capital (VC) investment in generative artificial intelligence (GenAI) shot up to $49.2bn (€42.5bn) in the first half of 2025, more than the $44.2bn total for all of 2024 and already double the 2023 full-year tally. However, analysis from global professional services giant EY shows the increasingly large sums are flowing to an ever-more concentrated pool of GenAI businesses, overwhelmingly in the US. EY Ireland's latest 'Generative AI Key Deals and Market Insights' study highlights how the sharp rise in overall deal value comes despite a near 25pc drop in the number of transactions in the first six months of 2025. In addition, early-stage VC funding rounds declined, and angel and seed rounds saw no change. That all points to a pattern of fewer but significantly larger deals hoovering up capital. The US accounted for 97pc of global deal value and 62pc of transactions. The Europe, Middle East and Africa (Emea) regions accounts for 23pc of volume but just 2pc of deal value. Of 39 global AI unicorns – private companies valued at more than $1bn – 29 are in the US, but just three are in Europe, EY said. US dominance in GenAI innovation and investment is widening EY Ireland's technology, media and telecoms lead, Grit Young, said GenAI is reshaping the investment landscape at an extraordinary pace – including a risk of squeezing out funding for small and mid-tier start-ups. 'Many high-potential start-ups find themselves in a difficult middle ground, too advanced for early-stage support, yet not quite large enough to attract global VC attention,' she said. Ireland has emerged as a strong adopter of AI, but many AI start-ups are struggling with access to capital and infrastructure. In Ireland, the funding environment for AI start-ups remains challenging, particularly in the €1m to €10m funding space, Ms Young added. Meanwhile, a relative handful of global-scale investments dominate the sector. Those have included SoftBank's potentially $40bn commitment to OpenAI, xAI's $10bn funding round, and major investments in Databricks ($5bn), Anthropic ($3.5bn), French start-up Mistral AI ($600m), and legal tech giant Harvey ($600m). EY's Ms Young said the pattern is clear. 'US dominance in GenAI innovation and investment is widening, with deal activity increasingly concentrated in North America,' she added. 'With increased regulatory divergence on AI between the US, Europe, China and beyond, it will be important for Europe to balance essential regulation with supporting and enabling innovation.'
