The French agricultural consultancy FranceAgriMer has raised its forecast for French soft wheat exports outside the EU for the fifth time in a row. It rose from 12.2 million tons (December forecast) to 12.4 million tons. The second largest French soft wheat harvest on record, less competition than usual from Russia and an unusual number of French wheat sales to China have supported exports in the 2019/20 season so far.
The revised wheat export forecast for 2019/20 is now 28% higher than last season. FranceAgriMer has raised the forecast every month since September from the original 11 million tons.
In its monthly estimates of supply and demand for key grains, FranceAgriMer has left its estimate of soft wheat stocks at the end of the season on 30 June unchanged at 2.4 million tons, as expectations for exports within the EU offset the increased forecasts for deliveries outside the EU.
FranceAgriMer also lowered its soft wheat consumption forecast for the feed sector by 100,000 tons to 5.3 million tons.
FranceAgriMer lowered its barley stocks forecast from 2.15 million tons in December to 1.8 million tons, mainly due to an increase in forecast exports within the EU to 3.8 million tons (compared to 3.6 million tons in the previous month).
Estimated maize stocks remained unchanged at 2.1 million tons.
Source
HANSA Terminhandel
