EU wheat exporters suffer as buyers opt for cheaper international deals

INTERNATIONAL buyers are abandoning European grain for cheaper suppliers such as the US, leading European agriculture market analysts say.

The EU has experienced a two-week slowdown in exports of wheat and other grains, primarily due to price competition. Wheat prices more than doubled in the past 12 months in Paris trading, exceeding the 36% increase in Chicago prices.

Egypt, the world’s largest wheat importer, opted for US and Argentine grain at a tender on December 28, having twice bought from France earlier in the month. Paris-traded wheat climbed 6.1% between the latest purchase and the prior tender on December 15, more than the 4.4% gain in Chicago.