FranceAgriMer has revised its forecast for French wheat stocks for the 2023/24 season to a 19-year high of 3.74 million tonnes, due to reduced Chinese demand and competition from Ukraine. This has led to a global surplus and a drop in prices to a 3½-year low. The agency also lowered its estimates for French wheat exports both within and outside the EU. However, the outlook for French barley stocks was reduced to 1.75 million tonnes, while maize stocks are projected at 2.44 million tonnes.
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Abundant supplies of not only wheat, but also barley and corn are available, causing crop prices to fall. Agricultural agency FranceAgriMer raised its forecast for French wheat stocks this season to a 19-year high as slowing Chinese demand and intra-European competition from Ukrainian shipments dampened export prospects. In its monthly supply and demand forecast, the bureau expects French wheat stocks forecast at 3.74 million tonnes by the end of the 2023/24 farming season, the highest since 2004/05. FranceAgriMer's previous stock forecast of 3.51 million tons was already a 19-point peak. Large inventories in France are contributing to abundant global inventories, led by Russia, which pushed prices to 3½-year lows this month. FranceAgriMer reduced the expected French wheat exports outside the European Union in the 2023/24 season from 10.25 million tons last month to 10.15 million tons. The bureau took into account expectations of slowing Chinese demand and an early end to ...
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