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EU wheat exports down 1.47% on year but catching up: data

London — EU wheat exports totaled 16.1 million mt between July 1 and Sunday, 1.47% down year on year, data from the EU Crops Market Observatory showed Monday.

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Although the total volume is still behind the previous marketing year's, the pace has accelerated due to higher Russian wheat prices and tender purchases by a range of countries in the Middle East and North Africa.

Four weeks ago, the pace of EU exports was down 7.32% year on year, but countries such as Algeria are understood to have been heavy buyers of French wheat.

Algeria booked 540,000 mt of wheat Thursday, another 120,000 mt on April 3 and 600,000 mt on February 15, sources say, adding that either French or US-origin wheat was booked.

Algeria has booked 4.4 million mt of EU wheat so far this marketing year, up 27.6% year on year.

The EU is forecasting a total of 19 million mt of wheat exports by the end of the marketing year.

In the 2019-2020 marketing year, the EU forecasts its wheat exports will total 25.5 million mt due to a larger planting area.

-- James Colquhoun, james.colquhoun@spglobal.com

-- Edited by Keiron Greenhalgh, newsdesk@spglobal.com