Source: Ukragroconsult (Ukraine)
EU soft wheat exports fall significantly, according to recent data. The report indicates a considerable decrease in exports. Specifically, soft wheat exports from the EU experienced a 48 percent drop. This decline raises concerns within the agricultural sector.
Decline in EU Soft Wheat Exports Detailed
The European Union has seen a substantial reduction in soft wheat exports. In fact, exports totaled 15.44 million tonnes between July 1, 2023, and June 9, 2024. However, during the same period in 2022-2023, exports reached 29.67 million tonnes. Therefore, a notable difference exists between the two periods. Moreover, this represents a 48 percent decrease. Trade data also reveals a decline in weekly export pace. Now, the average weekly export pace stands at 329,000 tonnes. Last year, the average weekly export pace was considerably higher at 618,000 tonnes.
The leading destinations for EU soft wheat exports include:
- Algeria
- Morocco
- Nigeria
- South Africa
- Saudi Arabia
These countries remain important markets for EU wheat.
Factors Influencing the Export Decrease
Several factors could contribute to this reduction. For example, global competition plays a significant role. Also, weather conditions can affect crop yields. Furthermore, geopolitical tensions might disrupt trade flows. However, according to UkrAgroConsult, French wheat prices are rising. “French wheat prices increased to EUR 237/mt FOB Rouen on June 12, 2024 (August delivery).” This represents an increase of EUR 3/mt from the previous week. Similarly, “German wheat rose to EUR 244/mt FOB Hamburg.” Therefore, price fluctuations are impacting export competitiveness. Overall, EU soft wheat exports fall, impacting the agricultural market and requiring stakeholders to analyze market dynamics closely.