Farm office FranceAgriMer on Wednesday lowered its forecast of French soft wheat exports outside the European Union in the 2021/22 season to 9.6 million tonnes from an initial projection of 10.5 million in July.
The office reduced its outlook for soft wheat stocks in the European Union’s largest grain producer by the end of the 2021/22 season next June to 2.9 million tonnes from 3.7 million estimated in July.
The reductions take account of the French farm ministry’s cut in the soft wheat harvest estimate to 36.06 million tonnes, against 37.10 million seen in July. The crop would still be 24% above last year’s poor harvest.
FranceAgriMer on the other hand raised its projection of 2021/22 exports within the EU to 8.0 million tonnes, from 7.3 million tonnes forecast in July.
Wet summer conditions have hurt the quality of this year’s soft wheat harvest in France. FranceAgriMer is due to release its final quality report later on Wednesday.
For barley, the office slightly raised its outlook for this season’s ending stocks to 1.36 million tonnes, from 1.33 million forecast in July.
An upward revision to harvest supply was offset by a cut in last season’s ending stocks and a rise in projected barley exports within the EU, now seen at 2.8 million tonnes against 2.5 million in July.
For maize, FranceAgriMer cut its estimate of 2020/21 ending stocks to 1.80 million tonnes, from 1.86 million estimated in July.
The office has not yet issued forecasts for the 2021/22 season in maize, which is yet to be harvested.
Source: Reuters (Reporting by Gus Trompiz and Sybille de La Hamaide; editing by David Evans)