Argus expects a domestic corn shortfall to force more wheat into feed use,
cutting France's wheat exports to about 6.9 mln tons this season — the lowest
since 1976. It projects 2026/27 French soft-wheat exports at no more than 6.0
mln tons, below the agriculture ministry's July forecast of 7.0 mln and last
season's 7.4 mln. Argus also forecasts EU corn output down 19% YoY to 46.9 mln
tonnes, the weakest since the 1990s, and total EU wheat production at 131.5 mln
tons, down nearly 9% from 2025/26. The group said the corn shortfall, together
with constrained supplies from major corn exporter Ukraine amid regional
conflict, will reduce EU wheat exportable supplies. Argus maintained its July
estimate for French soft-wheat production at 30.8 mln tons, a 7.6% decline.
