PARIS, Feb 14 (Reuters) - Farm office FranceAgriMer on Wednesday again raised its forecast for French soft wheat stocks at the end of the 2023/24 season, as it cut expected exports to other European Union countries.
Soft wheat stocks at the end of the season on June 30 are now seen at 3.50 million metric tons, up from 3.44 million forecast last month, FranceAgriMer said in a cereal supply and demand update.
That would be a 37% increase on last season's stocks and a 31% rise compared with FranceAgriMer's initial forecast for 2023/24 stocks made last July.
Expectations of large inventories in France and across Europe have pushed wheat prices lower this season.
FranceAgriMer, like other observers, has previously cited strong competition from imports of cheaper Ukrainian grain into the EU, an issue that has contributed to protests by farmers across the bloc.
The office reduced its estimate for French soft wheat exports within the EU this season to 6.32 million tons from 6.55 million projected in January, now down 1% from last year.
Together with a slight cut to expected domestic demand, the lower forecast for intra-EU exports outweighed an upward revision to FranceAgriMer's forecast for French soft wheat exports outside the EU in 2023/24, now pegged at 10.25 million metric tons compared with 10.1 million tons last month.
Projected maize (corn) stocks at the end of 2023/24 were also increased, to 2.37 million tons from 2.18 million in January, as estimated harvest supply was revised up while domestic demand was trimmed.
The new maize stocks forecast was 43% above the 2023/23 level.
Forecast barley stocks in 2023/24 were left at 2.11 million tons, more than double last season's 1.02 million. (Reporting by Gus Trompiz Editing by David Goodman and Mark Potter)
