Wheat: France hopes for increasing demand from China

After a weak start to the week, wheat contracts in Paris and Chicago rose yesterday, Wednesday. Weak export figures from Russia caused a surprise. The analysis house Sovecon lowered its forecast for wheat exports this marketing year by 400,000 tons. The Interfax news agency also reported that the Russian Ministry of Agriculture wants to suspend exports of durum wheat. A government proposal suggests that the period from December 1, 2023 to May 31, 2024 should be suspended. Durum wheat prices have recently risen sharply globally, particularly because the harvest in Canada was weak. The Russian durum wheat harvest has also been weaker recently and stocks are low. France's exporters are also more confident about business with China. China's wheat harvest could be significantly smaller due to heavy rainfall and storms. China traditionally buys large quantities of wheat from Australia, but here too the prospects are weaker than last year despite recent rainfall. Market participants estimate that France could soon regain its top position within the EU. Romania currently leads the export rankings by a clear margin. Show premarketThere are once again slight green signs on the CBoT today,

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