“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.
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.