European Wheat Futures Remain Unchanged
On Monday, the benchmark September milling wheat contract on the Paris‑based Euronext exchange closed the daytime session unchanged at €234.75 per metric ton, equivalent to $267.97. The price stability follows a sharp 8.4% gain recorded in the previous week, which was triggered by a series of reciprocal strikes by Russia and Ukraine on each other’s grain‑shipping vessels and port grain terminals. The strikes represent a notable shift in the conflict, as both sides had previously avoided targeting grain infrastructure.
Despite the easing of concerns over the attacks, French soft‑wheat production is projected to decline. Argus Media reported on Monday that France’s soft‑wheat crop is expected to fall to 30.80 million metric tons in 2026, representing a 7.6% reduction from the 2025 estimate. The decline is attributed to dry and hot weather that damaged yields in France, the European Union’s largest wheat producer.
Traders interpreted the unchanged futures price as relief that the grain‑infrastructure attacks have not escalated further, limiting the risk of a reduction in Black Sea wheat exports.