The European Union (EU) is expected to reduce its wheat exports this season compared to the previous year. Russia has increased its wheat export target for the current marketing year. So importers are leaning towards Russia as they can buy new summer wheat at lower prices despite tariffs. Wheat traders and market analysts believe that this has affected the overall wheat exports to Europe. News Reuters.

Earlier, a large chunk of wheat from the EU's July-June session was sold. Of these, wheat from France is sold to China and wheat from Germany to Algeria. Last summer, wheat production was relatively low and the country's stocks were limited due to high wheat exports. As a result, the price of EU wheat has risen.

Sunbd/NJ