European wheat prices started the year with modest declines, despite support from a weaker euro. Both EU wheat imports and exports are notably lower than last season. Meanwhile, a record harvest in Argentina raises concerns about increased competition on the global market.
The European wheat market began the first trading week of the year with losses, which were limited by the weaker euro. On Tuesday, January 6, there was a slight increase. The Paris futures market closed the day at €189.00 for the March contract, €0.75 higher than the previous Monday.
EU imports lower
Meanwhile, the European Commission announced that during the period from July 1, 2025 to January 4, 2026, the EU imported much less wheat than during the same period last season. The total was just over 2,145,000 tons, compared to 4,433,000 tons the previous season. However, EU wheat exports were also lower during this period: 11,182,000 tons compared to 11,353,000 tons last season.
Record harvest in Argentina
Wheat traders in Europe are concerned about exports, since the large Argentine wheat harvest will hit the market in the coming weeks. Record yields mean Argentina can significantly increase its foreign deliveries this year. The Buenos Aires exchange raised its estimate for the Argentine harvest last week by another 700,000 tons, reaching a record-high of 27.8 million tons of wheat. As a result of this enormous harvest, competition is increasing in other parts of the world, such as the African market—which is important for the EU.
