PARIS: Farm office FranceAgriMer on Wednesday lowered its forecast for French wheat exports in 2023/24, citing lower demand from China and increased competition from Black Sea exporters mainly in Egypt and southern Europe.

In a supply and demand outlook, the office forecast French wheat exports outside the European Union at 10.1 million metric tons from 10.2 million projected last month, now 0.5% below last season’s level. It also cut its forecast for French soft wheat shipments within the EU this season, to 6.55 million tons from 6.69 million expected in December and 2.5% higher than the 2022/23 volume.

French soft wheat stocks at the end of the 2023/24 season were now projected at 3.44 million tons, compared with 3.22 million forecast last month and 34.7% up from last season.

For barley, FranceAgriMer forecast 2023/24 ending stocks at 2.11 million tons, up from 1.81 million last month, after reducing the estimate for exports outside the EU by a similar volume.