EU wheat gains as traders await USDA crop data
WEAT•European wheat rose 0.6% to €245.75 a metric ton as traders awaited the USDA report. Analysts expected US 2026/27 wheat ending stocks to rise to 721 million bushels from 717 million last month.
1. Wheat prices rise
Benchmark December milling wheat on Paris-based Euronext was up 0.6% to €245.75 a metric ton by 1447 GMT, as traders adjusted positions ahead of the USDA’s monthly supply and demand report. A weaker euro supported European grains, while Chicago wheat futures ticked lower in featureless trade.
2. Stock forecasts
Analysts surveyed expected the USDA to raise its forecast of US 2026/27 wheat ending stocks to 721 million bushels from 717 million last month, while leaving its global forecast nearly unchanged at 277 million bushels. Analysts also expected the agency to lower its estimate of the 2026 US corn yield to 177.7 bushels per acre from 178.5.
3. Export concerns
Disruptions to Black Sea exports lent underlying support to wheat, with drone strikes on merchant vessels near Bulgaria adding to concerns over shipments from the region. The USDA report was expected at 1600 GMT.
