Drought Slashes Grain Harvests Across Europe, Raising Food Prices

Extreme heat and prolonged drought during the 2023‑2024 growing season have produced one of the weakest grain harvests on record in the European Union and the United Kingdom. Production of wheat, corn, barley and oats is projected to fall to the lowest levels since 2018, with estimated losses of about €2 billion in grain output alone.

France suffered the greatest single‑country loss, with roughly 3.4 million tonnes of corn lost and damage valued at nearly €900 million. Similar reductions were reported in Hungary, Spain and the United Kingdom, where farmers were forced to start the harvest earlier than usual. In Serbia’s Banat region, farms face up to a 50 % cut in corn yields unless decisive rainfall arrives, and irrigation canals are in a deteriorated state.

While global grain supplies remain sufficient, the combined effect of reduced European output and falling fertilizer prices is tightening markets, pushing wheat futures higher on Euronext and the Chicago Board of Trade. Experts warn that continued drought could further pressure food prices across Europe.