Wheat prices on the Paris futures market are falling due to a stronger euro, improved global harvest forecasts, and Argentina’s lower export tax. European trade remains subdued as feed producers secure supplies ahead of the new crop.
Wheat prices have fallen on the Paris futures market since last Wednesday. The reason is a stronger euro and rainfall in key wheat regions of the US. This has led to higher harvest forecasts.
Additional price pressures
In addition, expectations for the harvest in the EU and Turkey have improved. Argentina lowering its export tax on wheat is also putting additional pressure on prices. On Tuesday, May 26, the Paris futures market quoted €214.25 per ton of wheat for the September 2026 contract—higher than the day before, but lower than on May 20, when it was quoted at €216.75.
New trade agreements
An agreement has been made between Germany and Indonesia that could create room on the European market. This concerns the export of wheat to the Asian country.
Global production outlook
The forecast from the International Grains Council (IGC) remains unchanged. The IGC expects a global wheat harvest of 820 million tonnes for the 2026–27 season. That is 25 million tonnes less than in the 2025–26 season. Consumption is estimated at 827 million tonnes, which is 7 million tonnes higher. Global ending stocks could fall by 6 million tonnes to 282 million tonnes.
