Countries around the world are buying unprecedented quantities of European wheat after the poor harvests of other major exporters, Bloomberg reports.
The European Union’s wheat exports could exceed the 11 million tonne threshold by the end of this month, says Nathan Cordier, an analyst at consulting firm Agritel. Such a volume would be 25% higher than in the same period last year and also the highest value ever recorded at this time of the agricultural season.
This demand has led to a rise in bakery wheat futures prices to a record high. On Tuesday, on the Paris stock exchange, wheat quotations reached 284 euros per tonne, the highest level recorded since 2008.
European wheat covers a deficit caused by low deliveries from other parts of the world as well as the effect of export taxes that have reduced sales of wheat to Russia, the world’s largest exporter. An example in this sense is Romania, which after a consistent harvest this year passed in front of Russia and dominates the sales of wheat on the market in Egypt, the world’s largest buyer.
EU wheat sales amounted to nine million tonnes at the end of October, but these figures do not include data on French exports.
In addition, due to the drought that has affected wheat crops in North America, buyers are now trying to get high-protein wheat from northern Europe. Algeria, another major world wheat buyer, is also heading for deliveries in the area and China is buying large quantities of wheat from France, according to Agerpres.
The latest official data from the European Commission shows that EU wheat sales amounted to nine million tonnes at the end of October, but these figures do not include data on exports from France, one of the largest wheat sellers in the world. community block. In turn, the US government expects that in the current season, which will end in June 2022, the EU will export 35.5 million tons of wheat, ahead of Russia as the world’s largest exporter.