France’s wheat carryover stocks could rise to highest level since 2005
According to forecasts by the state agency FranceAgriMer, soft wheat stocks in France will reach a 21-year high of 3.867 million tons at the end of the current season. At the end of last season, stocks were 2.33 million tons.
The increase in stocks will occur due to an increase in the gross harvest to 32.576 million tons, which is 27% more than in the lean last season.
The recovery in wheat production will outweigh the expected doubling of exports to non-EU countries. According to forecasts by FranceAgriMer, soft wheat exports may reach 14.324 million tons (+38% compared to last season), including 6.724 million tons (0%) to the EU countries and 7.5 million tons (+114%) to other countries. However, traders are cautious about the prospects for French exports this season, given the tough competition and diplomatic tensions with Algeria, one of the main traditional importers of French grain.
Domestic consumption of soft wheat will increase slightly – to 14.249 million tons (+1%).
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