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European wheat market: export demand boosts wheat prices in French ports

 Last Update: 2021-11-11
 Source: Internet
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Foreign media news on October 31: French wheat spot prices rose in the past week , following the higher external wheat futures market, strong demand for wheat exports from the European Union , boosting wheat prices .

On Thursday (October 28), the delivery price of first-class French wheat at the port of Rouen in France was US$335/ton, an increase of US$8 from a week ago
.
The price range for the past 52 weeks has ranged from US$240 to US$335 per ton
.

The price of second-class wheat in Shanghe, Argentina was US$307/ton, an increase of 11 US dollars from a week ago; the price of No.
2 hard red winter wheat in the United States was US$367/ton, an increase of 19 US dollars from a week ago; the price of US No.
2 soft red winter wheat was 339 US dollars /Ton, up 17 dollars from a week ago
.

On the Euronext in Paris, France, March 2022 wheat futures, the most actively traded on Friday, closed at 279 euros/ton, up 4 euros or 1.
8% from a week ago, while Chicago wheat futures rose 2.
2% over the same period
.

The European Commission released monthly supply and demand data on Friday, lowering the forecast for wheat production in the EU for 2021/22 to 130.
3 million tons, a decrease of 700,000 tons from a month ago
.
However, due to the increase in the beginning inventory and the reduction in the feed consumption of wheat, the ending inventory was increased to 13.
9 million tons from the earlier expected 13.
2 million tons
.

The European Commission this month maintained the EU wheat export forecast for 2021/22 unchanged at 30 million tons
.

It is worth mentioning that due to crop failures in other major wheat exporting countries, global wheat buyers are importing European wheat at an unprecedented rate
.
Consulting agency Agritel, as of the end of October, EU wheat exports in the 2021/22 season (starting in July) may exceed 11 million tons, an increase of 25% year-on-year, the highest scale in the same period in 20 years
.

According to data from the European Commission, as of late October, EU wheat export sales have reached about 9 million tons, but the complete export data of French wheat is not included
.
France is the number one wheat exporter in the European Union
.
The U.
S.
Department of Agriculture estimates that EU wheat exports this year will reach 35.
5 million tons, replacing Russia as the world's largest wheat exporter
.

Global wheat supply is tight.
The continuous increase in export tariffs on wheat from Russia, the number one exporter, has slowed the pace of exports, allowing European wheat to fill the supply gap
.
For example, Romania has replaced Russia as Egypt's main supplier in the Egyptian market
.
Nevertheless, since Argentina will soon harvest new wheat and provide competitive prices for price-sensitive North African buyers, EU wheat may face strong competition
.

　　The private analysis agency, Strategic Grains, raised EU wheat production in the 2021/22 season to 129.
5 million tons, which is 400,000 tons higher than the previous forecast and an increase of 8.
8% over the previous year
.
According to the report, the increase in wheat prices has led to a decline in the competitiveness of EU wheat in the export market and the feed industry
.
However, Strategic Cereals still raised its forecast for EU soft wheat exports by 1 million tons in 2021/22 to 32 million tons, partly because Bulgaria, Romania and the Baltic countries have already exported large amounts
.

　　According to data from the European Commission, as of October 24, the export volume of wheat from the 27 EU countries reached 8.
99 million tons (8.
66 million tons a week ago) and the import volume was 792,000 tons ( 683,000 tons a week ago)
.
Algeria is the number one destination, importing 1.
287 million tons (1.
208 million tons last week), accounting for 14.
3% (13.
9% last week); Egypt imported 1.
012 million tons (939,000 tons last week), accounting for 11.
3% (10.
8 %)
.

　　At the port of Rouen, France's number one wheat export port, the port operator Haropa said that as of the week of October 6, 49,000 tons of wheat were exported from the port of Rouen, 32,250 tons were shipped to Algeria, and 19,750 tons were shipped to China
.

　　Euronext's position data shows that as of October 22, investment funds and financial institutions held a net long position of 160,364 contracts in the Euronext milling wheat futures and options market, up from 153,690 contracts a week ago
.

　　On Friday, the euro exchange rate was 1 euro to 1.
16 U.
S.
dollars, and 1 euro to 1.
16 U.
S.
dollars a week ago
.

　　Note: 1 Euro is equal to 1.
16 U.
S.
dollars

French wheat prices EU exports

　　The European Commission this month maintained the EU wheat export forecast for 2021/22 unchanged at 30 million tons
.

　　On Friday, the euro exchange rate was 1 euro to 1.
16 U.
S.
dollars, and 1 euro to 1.
16 U.
S.
dollars a week ago
.

　　Note: 1 Euro is equal to 1.
16 U.
S.
dollars

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