EU wheat and maize jump as heatwave concerns grow

- Euronext wheat and maize futures climbed about 3% on Monday as an intensifying heatwave in Europe stirred fears of crop damage.

September wheat BL2U6, the most active contract on Paris-based Euronext, settled 3% up at €207.25 ($236.87) a metric ton after hitting a three-week high of €207.75.

Market concerns about heat damage had previously focused on maize in France and Spain. But with highs around 40 degrees Celsius (104 degrees Fahrenheit) forecast in France for several days and hot conditions spreading into Central Europe, worries about wheat were also emerging, traders said.

"Weather conditions aren't ideal for sure," one futures dealer said of wheat.

A downward revision to AgResource's projection for this year's European Union wheat production reinforced attention on European weather.

But traders still said stress to soon-to-be-harvested wheat in France may be limited compared with maize approaching its crucial pollination stage.

Crop-monitoring service MARS on Monday slightly reduced its forecast for the average soft wheat yield in the EU this year while increasing its projection for the EU's maize yield.

It also warned, however, that sweltering, parched conditions could threaten yields for summer crops such as maize.

November corn EMAX6 on Euronext settled 2.9% up at €219.25 a ton after hitting a contract high of €220.50.

In contrast, Chicago wheat Wv1 and corn Cv1 fell, pressured by strength in the dollar, moderate U.S. weather and falling oil prices. GRA/

Favourable crop prospects in the Black Sea region, which could hamper EU exports in the coming season, remained a curb on the wheat market.

Argus has increased its forecast for Ukraine's 2026/27 wheat output to 24.1 million tons, the commodity data company said on Monday.

($1 = 0.8750 euros)