EU wheat drops, fears of heatwave damage to maize grow
PARIS, June 25 (Reuters) - European wheat fell on Thursday, pressured by a stronger euro and ample global supplies, while maize edged higher as ongoing concerns of heat damage to crops continued to support prices.
Benchmark September milling wheat BL2U6 on Paris-based Euronext, settled 1.7% lower at €206 ($234.49) a metric ton.
August maize rose 0.2% to €228 a ton after hitting a contract high in the previous session.
"Heat and dryness have become the dominant themes, particularly for EU corn, although wheat markets remain constrained by intense export competition and generally comfortable global supply prospects," ADM's British branch said in a note.
The International Grains Council has raised its forecast for 2026/27 global wheat production by 1 million metric tons to 821 million tons, with Russia's crop outlook increased to 89 million tons from a previous forecast of 87.9 million.
IGC also lifted its 2026/27 world corn crop forecast by 10 million metric tons to 1.310 billion tons, though this would still trail the prior season's 1.339 billion.
Concerns were rising about damage to crops, mainly maize, from record temperatures in France and Western Europe.
The French agriculture ministry on Thursday said maize output could plunge by around 30% this year as potential damage from the record heatwave comes on top of a sharp decline in planting.
However, growers fear even worse losses given the poor condition of plants ahead of the crucial pollination phase.
The European Commission slightly cut its projection for this year's soft wheat output, putting the usable production at 126.3 million tons, down from 126.9 million in May. It nudged higher its export outlook to 30.0 million tons from 29.65 million.
Prices at 1642 GMT |
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Last |
Change |
Pct Move |
|
Paris wheat BL2U6 |
206.00 |
-3.50 |
-1.67 |
Paris maize EMAQ6 |
228.00 |
0.50 |
0.22 |
Paris rapeseed COMc1 |
518.25 |
2.50 |
0.48 |
CBOT wheat Wv1 |
596.50 |
0.50 |
0.08 |
CBOT corn Cv1 |
410.75 |
3.75 |
0.92 |
CBOT soy Sv1 |
1151.50 |
16.50 |
1.45 |
Euro/dlr EUR= |
1.14 |
0.002 |
0.20 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne |
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