French wheat exporters face tougher competition from the Black Sea this year as crops in Russia and Ukraine recover from drought, erasing the premium paid for Paris-traded futures over the global benchmark in Chicago.
Wheat exports from India, the world’s second-biggest producer, are set to plunge as farmers hoard the crop and a rally in domestic prices turns buyers away to cheaper supplies from Russia and Ukraine. Futures climbed.
Rains in the Black Sea region yesterday were insufficient to reverse a topsoil moisture deficit that’s raising concerns for grain crops there, said French farm adviser Agritel, which has an office in Kiev.
Noble Group Ltd., the commodity supplier backed by China Investment Corp., is seeking to expand its grain and oilseeds business to take advantage of rising global food demand, Chief Executive Officer Ricardo Leiman said.
Rompetrol Group NV, Romania’s second-biggest oil company, plans to open 350 new filling stations in countries in the Black Sea region, Ziarul Financiar reported, citing the company’s chief executive officer.
European Union yields for crops from grains to potatoes are forecast to climb after rain and snow filled soil-water reserves and plants survived winter weather, the bloc’s agricultural forecasting unit said.