Paris wheat falls as Russian prices fall, euro strengthens

Euronext wheat futures fell to fresh lows on Monday as a stronger euro and falling prices in Russia dampened export hopes, while an upgraded Australian crop forecast underscored ample global supplies, dealers said.

Volumes were light as holidays in US markets robbed Euronext of its usual momentum.

December milling wheat, the most traded contract on the Paris-based Euronext exchange, ended 1.1% lower at 191.75 euros ($224.48) a tonne.

It had earlier hit 191.50 euros, slightly below the contract’s previous low from Thursday and the lowest second-month price since March 2024.

Futures for September delivery fell further as traders closed positions ahead of next week’s contract expiration. September futures closed 2.6% lower at €186.50 a tonne, after hitting a contract low of €186.

“It’s mostly down to Russian prices,” one futures trader said of the fall.

Russian export prices continued to slide last week amid stronger new crop shipments, with analysts again revising up their August supply estimates.

The euro rose against a much weaker dollar , further undermining the export competitiveness of western European wheat.

A sharp upward revision to Australia’s official 2025/26 wheat crop forecast, in line with recent analyst estimates, has bolstered expectations of ample supplies in all major exporting countries.

“There’s plenty of wheat in almost any export region you can name,” said one German trader.

“We have wheat from Russia, Ukraine, Romania, France, Germany, Poland and the Baltics, and a big harvest is expected in Australia.”

Ukrainian agricultural exports in August rose 15.6 percent from July to 4 million tonnes.

Exports totaled 2.5 million tonnes of grain, 682,400 tonnes of oilseeds and 211,200 tonnes of vegetable oils, with wheat, rapeseed and sunflower oil making up the bulk of exports, according to the department.

“American wheat is cheap, and American feed wheat looks competitive in Asian markets.”

There were virtually no international tenders for wheat.

“Importers are in no hurry to buy products and expect that an increase in sales volumes from Russian farmers will lead to lower prices in the near future,” the trader said.