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The World Is Gobbling Up European Wheat Like Never Before

  • EU wheat sales seen above 11m tons through October: analyst
  • Russian tax and poor harvests abroad push buyers to Europe

Countries around the world are loading up on European wheat at the fastest pace ever after poor harvests in other major exporters.

The European Union’s exports may top 11 million tons by the end of this month, according to Nathan Cordier, an analyst at consultant Agritel. That would be 25% more than a year earlier and the most for that time of the season in EU data going back two decades. The strong demand has helped push Paris milling-wheat futures toward a record high.