Russia Poised to Benefit from France's Waning Influence in African Wheat Market, Media Reports

France's wheat harvest in 2024 is projected to reach 25.17 million tonnes, the lowest output since 1983, a sharp decline from the 35 million tonnes harvested in 2023.
Sputnik
Morocco, Algeria, and Tunisia, long-time buyers of French wheat, are facing a supply crunch as France anticipates a devastating wheat harvest in 2024, caused by heavy rainfall, Maxence Devillers, a market analyst at Argus Media France, told the media.
“Russian wheat, which accounts for 82.5 million tonnes produced this year and 14.9 million stored, [will] be the main winner from this loss of market share by French producers,” stated the expert.
Heavy rainfall in France has severely impacted its wheat harvest, causing a 20% decline and drastically reducing exports, particularly to North Africa, according to the expert. This comes at a time when the region’s rapidly growing population demands more wheat than ever before. To make matters worse, Morocco, a major wheat producer in the region, is experiencing its third consecutive year of drought.
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The media also highlighted that Ukraine, a major grain supplier to Europe, will likely see a significant decrease in its wheat exports due to a sharp drop in stocks.