PARIS, FRANCE — France’s soft wheat production is anticipated to bounce back leading to a rise in exports and stocks of the commodity, Reuters reported citing FranceAgriMer.
Soft wheat exports to destinations outside of the EU are forecast to jump 40% to 10.5 million tonnes in the 2021-22 marketing year while exports within the EU are expected to total 7.3 million tonnes, a 22% increase compared to the previous year.
Increasing sea freight costs could boost France’s soft wheat exports to nearby destinations while at the same time hamper the country’s export opportunities to China, Marc Zribi, head of FranceAgriMer’s crop unit told Reuters.
“Freight is really becoming a factor of competitiveness in the price of exported grain,” Zribi said.
Concerns were raised during early harvesting due to heavy rain, but a forecast of drier warmer weather has lessened worries of crop damage. France is expected to produce 37.1 million tonnes of soft, up 27% compared to the previous year.
France’s soft wheat stocks for the 2021-22 marketing year are anticipated to increase one million tonnes to 3.7 million tonnes, Reuters said.