(Bloomberg) -- Wheat from European Union countries bordering the Black Sea is trading cheaper than the commodity from competitors, as bumper crops in the region help push down prices. 

The staple from nations including Romania and Bulgaria is less expensive than it is from majors producers France and Russia, according to UkrAgroConsult pricing. 

Russia’s crop is forecast to be more than 10% lower than initially thought due to frosts, while farmers in France are suffering from heavy rains. Meanwhile, Romania is expecting a record crop of 10.5 million tons for 2024-2025. 

Egypt’s state buyer, the General Authority for Supply Commodities, snapped up Romanian and Bulgarian cargoes in two tenders in June. “One of the most competitive export origins at the moment is Romania, as the latest GASC purchases show,” Argus analysts wrote in a note. 

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