PARIS, FRANCE — With wheat prices soaring, FranceAgriMer on Nov. 11 lowered its forecast of French soft wheat exports for the 2021-22 marketing season, Reuters reported.
The French agricultural office cited an unexpected shift in corn demand for animal feed as part of the reason for lowering its wheat export projections, the report said.
A bumper corn crop also is playing a factor. Earlier this week, the French ministry said this year’s corn crop was expected to be France’s largest in seven years.
FranceAgriMer now expects France to export 7.8 million tonnes of soft wheat this year within the European Union, down from its 8-million-tonne projection in October, Reuters reported. Exports outside the EU also were lowered to 9.4 million tonnes from 9.6 million tonnes.
The Reuters report also noted that FranceAgriMer reduced its projected soft wheat use by French animal feed producers to 4.8 million tonnes from 5.2 million last month.Shortages in key wheat-producing regions have led wheat prices to skyrocket in recent weeks. European wheat prices reached record highs a week ago. That was before this week’s announcement that Russia, the world’s top wheat exporter, is considering placing an export tax on the food grain if domestic food prices continue to surge