January 12, 2004

French 2003-04 Soft Wheat End Stocks To Be Raised 2.3 Million MT

The French grains intervention board ONIC will increase final soft wheat stocks for the 2003-04 marketing year to 2.286 million metric tons at its monthly forecast for French 2003-04 grains output released next Wednesday, up from 1.817 million tons estimated at the December forecast, traders said Friday.

This increase in ending stocks is due to a reduction in overall consumption by around 250,000 tons, and also a lowering of the export estimate, which is now seen at 11.724 million tons, down from 11.899 million tons forecast in December.

The French 2003-04 corn production forecast will be increased slightly to 11.702 million tons, up from 11.622 million tons predicted in December, traders said. Ending stocks will remain almost unchanged at 1.899 million tons, they added.

Ending stocks for feed barley will also be increased, traders said, with the new figure at 1.212 million tons, up by 184,000 tons from 1.028 million tons forecast in December.

This is due to a reduction of expected volume of export, traders said.