February 7, 2005

ONIC to raise French corn exports to 6.82 million tons

French state grains body, Office National Interprofessionnel des Cereales, or ONIC, will raise its estimate for 2004-05 French corn exports to 6.82 millions metric tons during its monthly meeting Wednesday.

The estimate is 270,000 tons higher than from the January meeting, according to traders, and follows an increase in the estimate of French corn exports from 5.98 million tons at the December meeting.

ONIC will also raise its estimate for barley exports to 4.735 million tons, from 4.685 million tons at its January meeting, they said.

Estimates for production and domestic consumption are likely to be little changed, they said, which means estimates of end stocks will be lowered by around the amount of the additional exports.