French 2023/24 non-EU soft wheat exports seen falling to 9.6 mln T

Farm office FranceAgriMer on Wednesday forecast that French soft wheat exports outside the European Union in the 2023/24 season that began this month would reach 9.6 million metric tons, down from 10.1 million in 2022/23. In contrast, French soft wheat exports within the 27-country EU were projected to rise in 2023/24 to 7.79 million metric tons from 6.38 million last season.

Traders have been expecting French and other EU exporters to face stiff competition on the world market from massive Russian supplies, while demand within the EU is expected to be bolstered by weather damage to crops in Spain and Italy.

The estimate of non-EU soft wheat exports in the 2022/23 season had been revised down from 10.2 million expected a month ago.

In its first supply and demand outlook for 2023/24, FranceAgriMer projected French soft wheat stocks at the end of the season at 2.67 million metric tons, down from 2.79 million in 2022/23.

For barley, FranceAgriMer forecast 2023/24 exports outside the EU at 2.5 million metric tons, down from 3.2 million in 2022/23, and shipments within the bloc at 3.75 million metric tons, up from 3.18 million last season.

Barley stocks at the end of 2023/24 barley stocks were seen rising to 1.53 million metric tons from 1.18 million in 2022/23.

FranceAgriMer incorporated farm ministry production forecasts for soft wheat and barley that projected an increase for both crops, harvesting of which is in progress.

For maize, mainly harvested in autumn, FranceAgriMer did not give a 2023/24 outlook.

For 2022/23, it cut its maize ending stocks estimate to 2.00 million metric tons from 2.11 million last month, mainly reflecting a reduced supply estimate.

Tags: export, France, wheat