EU wheat at two-week low, maize hits new highs with harvest prospects in focus

- Euronext wheat eased on Tuesday to a two-week low while maize futures struck fresh contract highs as the market continued to factor in worse damage for maize than wheat from a scorching end to June, traders said.

Grain markets were also awaiting direction from U.S. Department of Agriculture grain planting and stocks reports later in the day.

September wheat BL2U6 on Paris-based Euronext was down 0.5% at €201.50 ($230.21) a metric ton at 1526 GMT, after reaching its lowest since June 16 at €200.25.

Wheat had rallied to a four-week peak last Wednesday during a record heatwave in France.

But with French wheat expected to be less affected than maize, and high volumes in the Black Sea zone likely to offset losses in France, Euronext prices have lost momentum.

Initial reports from barley and wheat harvesting in France indicated some disappointing, but not dire, yields along with good grain quality, industry group Intercereales said on Monday.

Argus has raised its forecast for Russian wheat production in 2026/27 to the highest since the record 2022/23 harvest, it said on Monday.

Maize production in France could plummet 30% this year to its lowest this century, after the recent heatwave damaged crops and farmers planted less of the cereal, growers' group AGPM said on Tuesday.

New-crop November maize EMAX6 on Euronext was up 0.1% at €225.75 a ton, after setting a contract high of €228.00.

Soft wheat exports from the European Union since the start of the 2025/26 season last July had reached 23.17 million metric tons by June 28, up 8% from a year earlier, data published by the European Commission showed.

Prices at 1526 GMT

Last

Change

Pct Move

Paris wheat BL2U6

201.50

-1.00

-0.49

Paris maize EMAc2

225.75

0.25

0.11

Paris rapeseed COMc1

506.25

-6.50

-1.27

CBOT wheat Wv1

579.25

-0.50

-0.09

CBOT corn Cv1

409.50

-0.75

-0.18

CBOT soy Sv1

1130.00

-9.00

-0.79

WTI crude oil CLc1

70.30

-0.45

-0.64

Euro/dollar EUR=

1.14

0.00

0.03

Most active contracts - Wheat, corn and soy U.S. cents/bushel, Paris futures in euros per metric ton

($1 = 0.8753 euros)