PARIS: Farm office FranceAgriMer on Wednesday increased sharply its forecast of French soft wheat exports outside the European Union in the 2021/22 season to 9.7 million tonnes from 8.9 million estimated in February.
In monthly supply and demand data, the office reduced its projection of French soft wheat stocks by the end of the 2021/22 season next June to 3.0 million tonnes from 3.6 million estimated last month.
The strong revision to non-EU exports comes as importers are seeking alternatives to Ukrainian and Russian supplies, which usually account for about 30% of the world’s wheat exports, as Russia’s invasion of its neighbour disrupts Black Sea trade.
Traders expect French wheat to win sales in Algeria after losing market share earlier in the season.
FranceAgriMer is expected to explain its supply and demand revisions during a news conference later on Wednesday.
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