FranceAgriMer cuts another 450,000 mt from French wheat exports

French export agency FranceAgriMer has revised its wheat export forecast down by 455,000 mt on the back of decreased demand, according to data released Wednesday.

The report saw a further 300,000 mt cut from its expected sales to countries outside the EU, with French exporters struggling this marketing year to keep up with a stronger euro and other, more competitive origins.

Despite the revision, sales to non-EU members are still forecast to come in 81.1% higher than during the 2016/17 marketing year at 9 million mt.

Having added 600,000 mt to its forecast for intra-EU sales in last month’s report, FranceAgriMer has now backtracked and knocked 155,000 mt off to bring its total to 8.45 million mt.

Total wheat exports are now expected at 17.56 million mt, 54.9% higher year-on-year as French exporters recover from 2016/17’s poor harvest.

With steady internal consumption and the expected pace of sales, carryover stocks at the end of the year are expected to come to 3.25 million mt – about 25% above the average level seen over the past five years, but below 2015/16’s recent record of 3.34 million mt.