Due to unfavorable weather, the wheat harvest in France may decrease by 10 million tons

Prolonged rains worsen the prospects of the wheat harvest in France, as they delay the harvest of the grain and promote the development of diseases. According to estimates of the French Association of Wheat and Grain Producers (AGPB), this year farmers will be able to harvest only 26 million tons of wheat, which will be 10 million tons less than the average annual figure (36 million tons).

In view of the poor harvest, farmers are looking to get a high price for grain, but the situation in the world market is not conducive to this, as the USA, Ukraine, Kazakhstan and the Russian Federation will harvest high crops, which increases the pressure on quotations.

From July 22 to July 29, September wheat futures on Matif fell by €9.75/t, and on July 30 - by another €0.75/t to €215.25/t.

The price of wheat in the Black Sea ports remains at a low level, so it is unlikely that there will be people willing to buy expensive European grain.

According to AGPB estimates, the losses that French farmers will receive this year could exceed 1.6 billion euros, so they will need immediate help and long-term support from the government.

At the invitation of the AGPB, the French Minister of Agriculture, Marc Fesneau, visited the Aire-et-Loire region, where he got an idea of the damage caused by the rains and the plight of farmers.

A similar situation exists in Germany, where, according to estimates by the International Grain Council (IGC), the grain harvest will be 6% less than last year.