EU wheat climbs after Russia cuts crop, export forecasts

PARIS/HAMBURG, July 22 (Reuters) - European wheat futures rose on Tuesday after Russia, the world’s top exporter, trimmed its harvest and export forecasts for the current season, supporting prices amid mixed export demand and ongoing harvest activity in the European Union.

Benchmark September milling wheat BL2U5 on Paris-based Euronext, closed 0.25% higher at 202.50 euros ($238.00) a metric ton after falling as low as 200.25 euros in earlier trade.

The most-traded wheat contract Wv1 on the Chicago Board of Trade was up 1.4% by the same time.

Russia’s agriculture minister said the country now expects its 2025 wheat harvest at 88 million-90 million tons, down from an earlier outlook of 90 million tons. Wheat exports for the 2025/26 marketing season are now forecast at 43 million-44 million tons, compared with a previous estimate of 45 million tons.

Traders said Russian 11.5% protein wheat for August shipment was about $237-$239 a ton FOB, only around $1-2 below French depending on Euronext and euro moves. Russian 12.5% wheat was around $237-$243 a ton FOB.

Russian farmer selling of new crop wheat was increasing after a slow start, raising hopes of normal flows to ports in the next couple of weeks.

In the export market, Tunisia issued a new tender to buy 100,000 tons of wheat, but traders noted demand from major buyer Morocco remained limited.

European Union soft wheat exports since the start of the 2025/26 season reached 508,766 tons by July 20, down 71% on a year earlier, European Commission data showed on Tuesday.

However, the Commission said data from major exporter France were not complete from the start of calendar year 2024, and export data for Bulgaria and Ireland have been incomplete since the beginning of the marketing year 2023/24.

While harvesting was nearing the end in France, field work was stopped by rain in many parts of Germany with more rain forecast in coming days.

Argus Media pegged the French wheat crop at 33.40 million tons, up 30% from a rain-hit harvest last year but below the average 2017-2023 level of 34.96 million tons.