The low dollar exchange rate continues to dominate the global wheat market for the time being.
US wheat gains global competitiveness
Because wheat is priced in dollars, American exporters benefit directly: their grain becomes appealing to buyers in North Africa, the Middle East, and Asia. The result is visible; American wheat exports are 23% larger this season than a year earlier. Market participants anticipate a further increase in American exports.
European wheat under price pressure
In Europe, the low dollar exchange rate and the ample global stock are putting pressure on quotations. Many European exporters price in euros. This makes European grain relatively expensive for buyers on the global market. In Paris, the price of wheat fell this month to €182.00 per ton. The futures prices for the December 2025 contract also dropped last week to €188.75 per ton. A slight recovery in the futures market is now emerging towards the end of the year.
Russia and Ukraine struggle with export challenges
Russia and Ukraine have ample harvests this year, but they are complaining about unexpectedly slow exports. For Russia, the escalating costs and logistical problems arising from the war are playing an increasingly important role.
