Euronext wheat futures hit highest level since September 1

Euronext wheat futures reached their highest level since September 1 and slightly exceeded Monday’s previous two-month high, boosted by euro weakness and speculation over Chinese demand for U.S. wheat.

December milling wheat futures, the most active on Euronext’s Paris-based futures market, rose 0.5% to €194.75 ($227.12) per tonne, with traders also noting short-covering by participants with large short positions in front-month futures.

EUR/USD traders said French wheat prices fell to their lowest level against the dollar in three months, helping maintain their lead in the battle for increased sales in the crucial Moroccan market.

However, France’s prospects in Egypt appeared less attractive, as rumors surfaced that its state grain buyer had purchased Black Sea wheat last week for November/December delivery.

“The week began with Russian wheat cheaper than in the western EU and the rest of the Black Sea countries, with Argentina still the cheapest globally,” said a German trader.

According to traders, Russian wheat with a protein content of 11.5% was selling in Egypt at a price lower than in the EU, at around $248 per tonne, including cost and freight (C&F).

Ukrainian wheat was priced around $250 per tonne C&F, while French and Romanian wheat were priced around $252-$253 per tonne C&F.

Speculation about Chinese interest in American wheat following the trade truce between Washington and Beijing, consistent background support for futures, and Chicago prices at a three-month high.

However, some traders warned that any Chinese purchases would likely be limited to relatively small volumes of soft white wheat, a niche variety.

According to the European Commission, soft wheat exports from the European Union this season rose by almost 1.8 million tonnes last week, as the figure includes missing data from France, the EU’s largest wheat producer.

According to the Commission, since the start of the 2025/26 season in July, as of November 2, the volume of soft wheat exports from the EU totaled 8.03 million tonnes. This is 4% below the previous year’s level, compared with a 21% decline a week ago, according to data released on Tuesday.

Tags: EU, prices, wheat