UPDATE 2-EU cuts estimate of drought-hit maize crop, raises import outlook

*

EU cuts maize crop estimate by 1.6 mln T to new 15-yearlow

*

Forecast maize imports upped by 1 mln T to 22 mln T

*

Commission cuts soft wheat exports, raises imports

(Adds details, bullet points)

By Gus Trompiz

PARIS, Nov 25 (Reuters) - The European Commission onFriday cut its estimate of this year's drought-hit maize harvestin the European Union to a new 15-year low while again raisingits projection for this season's maize imports.

European maize (corn) crops endured severe drought andseveral heatwaves during the crucial summer growth period.

The Commission reduced its estimate of usable production ofmaize in the EU in 2022/23 to 53.3 million tonnes from 54.9million a month ago, further confirming the crop will be thesmallest since 2007.

In a presentation accompanying the Commission's data, the EUexecutive branch said the latest production cut reflecteddownward revisions to area and/or yield in Romania and to alesser extent in France.

The Commission increased its EU maize import forecast in the2022/23 season to 23.0 million tonnes from the 22.0 millionestimate a month earlier.

EU maize imports have been running at more than double lastseason's pace, as buyers have taken advantage of a recovery inshipments from war-torn Ukraine to help cover the shortfall fromthe EU harvest.

For soft wheat, the EU's most-produced cereal, theCommission reduced its outlook for exports in 2022/23 to 34.0million tonnes against the 36.0 million forecast a month ago.

Some soft wheat demand was shifted towards livestock feeduse, with a 1 million tonne increase.

But the lower export forecast together with a 1 milliontonne upward revision to imports led the Commission to increaseits forecast of soft wheat stocks by the end of 2022/23 to 15.5million tonnes from 13.7 million in October.

In oilseeds, the Commission cut sharply its estimate of thebloc's sunflower seed crop, which like maize was hurt by torridsummer weather, with production now pegged at 9.3 million tonnesagainst 10 million previously.

For rapeseed, estimated 2022/23 output was trimmed to 19.4million tonnes from 19.6 million but remained well above lastseason's 17.1 million tonnes.(Reporting by Gus Trompiz, Editing by Richard Chang, KirstenDonovan)

© Copyright Thomson Reuters 2022. Click For Restrictions - http://about.reuters.com/fulllegal.asp