21.
08.20
08:06

China continues to buy large quantities of French grain

The strong Chinese demand for French grain appears to continue. This is promoted by a political dispute between China and Australia, from where China has so far obtained most of its barley imports. Traders and analysts are surprised because France's grain harvest disappointed this year.
Around a dozen Panamax ships have been booked for the shipment of wheat in the first half of the 2020/21 marketing season. That corresponds to an amount of around 700,000 tons. According to various port registers, 200,000 tons of this have already been exported.
China's demand remains very dynamic at the beginning of the new season, says a spokesman for the French consulting firm Agritel. And that is a good thing, because the demand for wheat from other countries is currently still weak.
While France's supply is limited and, because of its smaller harvest, is hardly competitive on the world market, the Chinese continue to buy. According to WTO rules, China has not yet filled its wheat import quota from France. China wants to diversify the purchase of its agricultural imports in order not to let the dependence on a few large surplus regions of the world such as the USA and Brazil become too great.
Once the quotas have been met and French wheat is too expensive on the world market, exports will end up being well below those of the previous season.
So far, 700,000 tons of barley from France have already been loaded or are being loaded. In the end, a million tons of French barley could have gone to China this season. In May, China imposed punitive tariffs on barley from Australia, which is now benefiting France.
The now quite high exchange rate of the euro against the US dollar should soon ensure that Ukraine and Canada will soon be able to deliver more barley to China.

Source
Hansa Terminhandel GmbH
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