PARIS: Farm office FranceAgriMer on Wednesday lowered its outlook for French soft wheat exports this season, leading it to raise its stocks forecast for the European Union’s biggest producer.
In a supply and demand outlook for major cereal crops, FranceAgriMer cut its estimate of soft wheat exports outside the European Union to 10.45 million tonnes from the 10.60 million tonnes forecast in January.
The office had increased its non-EU export outlook in the two previous months, citing strong sales to North Africa. Traders, however, have reported a lull in new demand since January.
FranceAgriMer also trimmed its forecast of 2022/23 French soft wheat exports within the EU to 6.59 million tonnes from 6.64 million previously.
It increased its projection for French soft wheat stocks at the end of the season on June 30 to 2.46 million tonnes, down from the 2.33 million tonnes forecast last month, though that would be 11% below 2021/22 ending stocks.
In contrast, the office increased its outlook for French barley exports this season, including a 350,000 tonne upward revision for non-EU shipments now projected at 2.8 million tonnes.
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