EU wheat sets contract low as Russia crop outlook improves
LONDON, May 29 (Reuters) - Euronext wheat prices ended little changed on Thursday after earlier setting a contract low as an improving outlook for crops in Russia heightened concerns about slow export demand.
September milling wheat BL2U5, the most active position on Paris-based Euronext, settled at 202 euros a metric ton, up a marginal 0.1%, after setting a contract low of 200.25 euros.
Dealers said a drop in Russian wheat export prices this week had helped to drive down the global market.
Agricultural consultancy Sovecon on Thursday raised its forecast for Russia's wheat exports for the 2025-2026 season by 1.1 million tons to 40.8 million tons, citing improved weather conditions for the harvest.
Sovecon increased its wheat harvest estimate for 2025 by 1.2 million tons to 81.0 million tons, compared to 82.6 million tons in 2024, due to favourable weather conditions.
A holiday in much of Europe limited activity in the physical market although Jordan's state grains buyer issued an international tender to purchase up to 120,000 tons of animal feed barley.
The deadline for submission of price offers in the tender is June 4.
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