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Ukraine exports wheat to India after floods reduce crop yields in France
UKRAINE has started to ship wheat to India for the first time in a decade, delivering 240,000 tons of wheat to India in July and August as stocks in the Asian country fell to a nine-year low.
The change in exporting nation comes after floods drove soft wheat yields in France to the lowest level since the early 1980s, reported Bloomberg.
"Traditionally, India imports wheat mostly from France and Australia," UkrAgroConsult was cited as saying in an emailed report. "Given the wheat production decrease in France in the current season and quality problems, Ukrainian exporters have got a great chance to take its place on this market."
France's Agriculture Ministry cut its estimate of soft wheat output for a second time in mid-September, with production down 31 per cent at 28.2 million tons from a year earlier. India's food ministry also favours waiving a 25 per cent import duty because of a wheat shortage for 2016-17. It will become a net wheat importer for the first time in six years, UkrAgroConsult said.
Prices are higher for French wheat than Ukrainian. "If export prices for French milling wheat are usually comparable with Ukrainian, then now French wheat prices are US$18-$20 a ton higher," the researcher said. "Only Russia can compete with Ukraine."
The change in exporting nation comes after floods drove soft wheat yields in France to the lowest level since the early 1980s, reported Bloomberg.
"Traditionally, India imports wheat mostly from France and Australia," UkrAgroConsult was cited as saying in an emailed report. "Given the wheat production decrease in France in the current season and quality problems, Ukrainian exporters have got a great chance to take its place on this market."
France's Agriculture Ministry cut its estimate of soft wheat output for a second time in mid-September, with production down 31 per cent at 28.2 million tons from a year earlier. India's food ministry also favours waiving a 25 per cent import duty because of a wheat shortage for 2016-17. It will become a net wheat importer for the first time in six years, UkrAgroConsult said.
Prices are higher for French wheat than Ukrainian. "If export prices for French milling wheat are usually comparable with Ukrainian, then now French wheat prices are US$18-$20 a ton higher," the researcher said. "Only Russia can compete with Ukraine."
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