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France wheat export estimates increase

FranceAgriMer increased its forecast for French soft wheat exports outside of the EU due to overseas demand, Reuters reported. The agency kept its stock estimates the same.

The country is now expected to export 7.45 million tonnes of soft wheat outside of the EU-27 in 2020-21, up from 7.27 million tonnes estimated in January. That total is still 45.1% below a record 13.57 million tonnes in 2019-20.

International demand is still active, Marion Duval, deputy head of FranceAgriMer’s grain unit told Reuters.

Chinese demand drove French wheat exports in the first part of the season and it was expected to shift back toward traditional outlets in the later part of the season.

A big Australian harvest was limiting French wheat prospects in China but higher prices in Russia and Ukraine were keeping French wheat competitive in closer markets.

Forecast French soft wheat stocks at the end of the current season were put at around 2.5 million tonnes, same as last month.

 

WorldGrain

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