December 9, 2004

ONIC Cuts French 04-05 Soft Wheat Output To 37.428M Tons

The French state grains board ONIC Wednesday cut its estimate of French 2004-05 soft wheat output to 37.428 million metric tons from its November estimate of 37.471 million tons.

It raised its estimate of French soft wheat exports to 15.950 million tons, from 15.930 million tons, but warned the strong euro would make this number too high.

The total export figure includes sales to the other 24 E.U. countries, French overseas territories and food aid donations.

ONIC also raised its estimate of French 2004-05 soft wheat ending stocks to 4.333 million tons, from 4.157 million tons.

In addition, the agency made a sharp upward revision in its estimate of the French 2004-05 corn crop, to 15.949 million tons, from 15.489 million tons.