French wheat exports hit by worst harvest in decades, Russia gains
Economist Thierry Pouch, in an interview with the weekly L'Express, says Russia is effectively pushing French wheat out of its markets in Africa amidst the worst harvests France has seen in decades. He said, "We are witnessing the Russification of the global market."
6:23 PM EDT, August 25, 2024
France is experiencing exceptionally poor harvests of common wheat this year, with yields dropping by almost 24 percent compared to the five-year average, reports "L’Express." According to the French Ministry of Agriculture, the harvest could be the lowest since 1987.
In Pouch's assessment, the poor harvests will certainly reduce the surplus of French wheat exports, whose main recipient outside the EU has been Algeria.
This historic decline came at the worst possible time, remarked the expert. While the production was particularly weak in France, it was better elsewhere, especially in our main competitors from the USA and Russia, he added.
As Pouch noted, Russia "imposes low prices and uses its influence in Africa to distribute wheat, sometimes for free." - We are witnessing the Russification of the global market - added the expert.
- The Russians are starting to gain market share in markets where we were long-term suppliers - said the economist. They managed to push the French out of Egypt and are exerting a strong influence on the key Algerian market for Paris.
In this context, France's support for Morocco in the Western Sahara dispute, which Algeria strongly reacts to, could prove beneficial for the Kremlin - Pouch warns.
