Wheat exports revised downwards on Black Sea harvest: FranceAgriMer

French soft wheat exports for the 2017/18 marketing are set to come in at 9.9 million mt, FranceAgriMer said in a press release Thursday.

Some 300,000 mt lower than the agency’s figure from the previous month, the adjustment downwards reflects increased competition from the Black Sea in France’s traditional export destinations.

Russia is on course to produce some 88 million mt of wheat this year, its highest figure on record since 1978, with 32 million mt to be exported.

EU exports, meanwhile, have lagged previous years, with total volumes from the bloc currently 23% down on last year at 7.51 million mt.

FranceAgriMer has kept domestic consumption steady at 9.2 million mt, while exports to other EU destinations were upped by 60,000 mt on month to 8.1 million mt.

Domestic corn consumption by the feed industry was increased 100,000 mt on month to 2.7 million mt, while corn sales to EU destinations were revised downwards by 60,000 mt to 4.7 million mt.