New Delhi — Wheat exports from the European Union reached 4.6 million mt in the new marketing year period of July 1-September 8, up 27% from a year earlier, the EU Crops Market Observatory data showed.
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The EU 2019-2020 marketing year began on July 1 and will end on June 30, 2020.
However, the pace of weekly exports slowed down in the week to September 8, with total wheat shipments reaching 202,492 mt, compared with 727,270 mt shipped a week earlier, according to the data released Monday.
Romania continued to be the bloc's top exporter, with wheat shipments hitting 1.5 million mt in the marketing year-to-date period.
France, which is the agriculture powerhouse of the EU, and is expected to account for 41% of total EU wheat exports in 2019-20 marketing year, has been trailing Romania since the new marketing season began in July.
French total wheat exports reached 1 million mt in the July 1-September 8 period, according to the European Commission data.
ALGERIA EMERGES TOP BUYER
Algeria regained the position of EU wheat's largest buyer in the latest week, taking over Saudi Arabia, which was the top buyer in the previous week.
Algeria has now imported 671,671 mt of wheat from the EU between July 1 and September 8, compared with Saudi Arabia, which has bought 568,452 mt, the EU data showed. Algeria currently has 15.4% market share in EU wheat purchases.
The EU is expected to export 26.6 million mt of wheat in 2019-20 marketing year, up 18.8% from a year earlier, according to the European Commission forecast.
In the 2018-19 marketing year, total EU wheat exports were at 22.4 million mt. Last year's exports also fell short of the US Department of Agriculture estimates of 24 million mt due to stiff competition from Black Sea wheat.
For August, wheat export prices FOB France's Rouen averaged Eur169/mt, compared with Black Sea's Eur174/mt, according to International Grains Council data.
The EU recently revised down its yields for the wheat crop due to difficult weather conditions seen in some countries.
Common wheat production in the EU is expected to reach 143 million mt in 2019-20 marketing year, up 10.4% from a year ago, according to EU Commission forecast.
-- Rohan Somwanshi, firstname.lastname@example.org
-- Edited by Kshitiz Goliya, email@example.com