France AgriMer has revised upwards its estimates of French exports of wheat

The conflict in Ukraine is disrupting the agricultural commodity markets, mainly wheat and corn. The activity of Ukrainian ports is stopped, and exports of agricultural raw materials are blocked in the Black Sea. Importers are looking for supplies in other markets, including France. FranceAgriMer has raised its forecast for French common wheat exports to the European Union by 50,000 MT to 7.81 million MT. But its exportation to third countries is growing the most, increasing 800,000 MT over one month, to 9.70 million MT. Also, the estimate of the common wheat end-of-season stocks is revised downward by 617,000 MT, thus falling under the mark of 3 million MT (2.96 MT). However, the situation remains highly volatile and is likely to change significantly as the next forecast comes in. The export channels, particularly to third countries, are the most affected by the consequences of this conflict.