In this case the downward adjustment was made after reducing estimates of the volume of grain production by 500 thousand tons to 37.01 million tons due to lower acreage, according to Freight News.

As specified, a reduction of wheat exports from the country is mainly due to the reduction in shipments outside the EU - on 400 thousand tons to 9.5 million tons.

However, analysts say the recent growth of competitiveness of French wheat on the world market, which caused a drop in export prices. In particular, there is a significant reduction in French grain prices in comparison to American hard wheat.

According to official customs statistics, in October this year, France exported French outside the EU amounted 289,7 thousand tons of soft wheat, which is only 3 thousand tons lower than in the same month last year.

In just the first 4 months of 2017/18 MG export soft wheat from France amounted to 2.65 million tonnes, 67% higher than the previous season, mainly due to the increase in its shipments to Spain. At the same time, evaluation of export of grain to EU countries at the end of the season was reduced by 123 thousand tons, to 8.08 million tons, which, however, 29% will exceed level of season 2016/17.

Photo: ru.investing.com