Small rise in EU wheat prices capped by hefty competition
PARIS, Dec 12 (Reuters) - European wheat prices edged higher on Friday but remained lower on the week as ample global supplies and steep competition continued to weigh.
Benchmark March milling wheat BL2H6 on Paris-based Euronext closed 0.3% higher at 189.00 euros ($221.79) a metric ton.
On the Chicago Board of Trade most-traded wheat was unchanged at $5.33 a bushel.
French and European grains prices on the cash market slid to a three-month low this week after the U.S. Department of Agriculture raised its global output estimates, cementing expectations for ample supply.
"EU and Black Sea wheat is facing heavy competition in export markets from cheap Argentine wheat and both may have to reduce their prices if they expect to win more export business,” one German trader said. "Bearish news keeps coming from Argentina about large supplies."
Argentina's 2025/26 wheat harvest is forecast to hit a record 27.7 million metric tons, the Rosario Grains Exchange said on Thursday, lifting its estimate from 24.5 million tons after favorable weather drove higher yields during crop development.
Argentina's government on Friday formalized a cut to export taxes on grains including wheat by publishing the measure in the official gazette.
"The west EU is looking pretty price-competitiveness against the Black Sea, but not against Argentina. Export demand is generally thin although there is hope that some of the 125,000 tons purchased by Tunisia on Thursday could be sourced in France,” a trader said.
Argentina is still the world’s cheapest high-volume origin although prices were firmer.
Argentine 11.5% ended the week about $209-$214 a ton FOB for January/February shipment, up about $3-$4 this week, but still way below European and Black Sea rivals.
Russian wheat ended the week as the cheapest European origin with 11.5% around $224-$225 a ton FOB. French, Ukrainian and Romanian wheat were quoted in a similar range at $227-$229 a ton FOB.
Prices at 1735 GMT | |||
Last | Change | Pct Move | |
Paris wheat BL2c1 | 189.00 | 0.50 | 0.27 |
Paris maize EMAc1 | 185.75 | -0.50 | -0.27 |
Paris rapeseed COMc1 | 475.75 | -3.00 | -0.63 |
CBOT wheat Wv1 | 533.25 | -0.25 | -0.05 |
CBOT corn Cv1 | 442.75 | -3.75 | -0.84 |
CBOT soy Sv1 | 1079.25 | -14.25 | -1.30 |
Euro/dlr EUR= | 1.17 | 0.00 | 0.03 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne | |||
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