Market Overview
Euronext September wheat contracts increased 1.5% to €204.50 per metric ton by 1505 GMT, supported by a weaker euro and a large purchase order from Saudi Arabia, although traders expect Black Sea exporters to satisfy most of the Saudi demand. Chicago wheat futures rose approximately 2% as U.S. corn futures rallied more than 3% amid a Midwest heatwave that raised early concerns about corn crop stress.
Maize Market Dynamics
November maize futures on Euronext jumped 3.6% to €239 per ton, after the contract earlier touched a new high of €240, extending an unusually large premium over wheat. The surge in maize prices coincided with forecasts of extreme heat in France, where temperatures are expected to approach 40 °C in the southwest, threatening maize crops that have already suffered a sharp decline during a late‑June heatwave. French farmers project a 30% reduction in maize output for the year, which could increase demand for imported European maize and raise wheat usage in livestock feed.
Supply‑Side Factors
Reports of strong volumes in the ongoing French wheat harvest and expectations of high production from the Black Sea export region provided resistance to further wheat price gains. The combination of weather‑related maize stress and robust wheat supply dynamics shaped the observed price movements across both European and U.S. markets.
This article was generated with the support of AI and reviewed by an editor.