According to the EU Commission, in 2023/24 MY (July 1 – October 15) the EU exported 8.81 mln tonnes of wheat to foreign markets, which is 22% lower y-o-y, reports Apkinform.
Wheat exporting EU countries
Main volumes were shipped from Romania – 2.48 mln tonnes. Also, France exported 1.78 mln tonnes, Poland – 1.58 mln tonnes, Bulgaria – 937 thsd tonnes and Lithuania – 763 thsd tonnes.
Importing countries
According to the EU Commission, in the current MY the main volumes of wheat were shipped to Morocco (1.5 mln tonnes), Nigeria (968 thsd tonnes), Algeria (783 thsd tonnes), South Africa (542 thsd tonnes) and South Korea (451 thsd tonnes).
Market operators note, that in the current season, slower EU wheat export is driven by high competition from cheaper Russian wheat. However, the recent sale of French wheat to China may improve the total EU export figure in the following months.
It should be noted that on October 17 Euronext wheat futures declined to 234 EUR/t compared to 237.25 EUR/t on October 16. In addition to high competition from Black Sea wheat, prices were under pressure from weaker CBOT wheat futures, which decreased to 209.6 (-2.5) USD/t.