FranceAgriMer raises 2023/24 forecast for wheat exports outside EU

Farm office FranceAgriMer on Wednesday increased its forecast of French soft wheat exports outside the European Union in 2023/24 to 9.80 million metric tons from 9.50 million projected last month, now 3.5% below last season’s level.

In a supply and demand outlook, the office cut its forecast for French soft wheat shipments within the EU this season, to 7.33 million tons from 7.54 million expected in September and 14.8% higher than the 2022/23 volume.

French soft wheat stocks at the end of the 2023/24 season were now projected at 2.77 million tons, down from 2.92 million forecast last month but still 8.8% above last season. The cut was also due to a lower forecast for supplies put on the market.

For barley, FranceAgriMer raised its forecast for 2023/24 exports outside the EU to 3.10 million tons from 2.90 million expected last month and now in line with last season.

In contrast, it lowered projected shipments within the bloc to 3.33 from 3.60 million tons last month and 4.9% above last season.

In addition, a 220,000 ton rise in expected harvest supplies prompted FranceAgriMer to raise projected barley stocks at the end of 2023/24 to 1.66 million tons from 1.23 million last month, now 63% above last season.

For maize, harvesting of which is under way, FranceAgriMer forecast ending stocks at 1.64 million tons, slightly below the 1.65 million estimated last month.

Tags: export, EU, France, wheat