LONDON—Wheat output in the European Union is expected to fall this year, according to a closely followed survey, threatening to crimp supply from one of the world’s biggest growers at a time when the war in Ukraine has bottled up exports from that country and from Russia.
The weak European forecast and war in Ukraine come ahead of what many analysts expect to be a smaller-than-usual harvest in other global bread baskets like India and Australia. A bad harvest in the EU could further pressure grain markets. Sharply higher prices have already roiled many developing countries that rely on imports.
