Wheat prices are recovering this week. Futures markets are moving slightly higher, pushing the December wheat contract price in Paris back above €190 per tonne. Locally, there are also gains.
Trading is now shifting more to the March contract. This is evident in both Paris and Chicago. The value of this contract in Paris is over €5 per tonne higher than the December contract. May is again €4 higher there, at €200 per tonne. The 2026 harvest is also being traded, and those prices are around €20 per tonne higher than the current harvest's prices.
In Chicago, the picture is no different. The December contract is priced at $5,46½, and the price for March 2026 is $5,59 per bushel. Converted, the December price equates to €173 per tonne, which is €3 higher than a week ago. The March contract carries a premium of €4 per tonne compared to December.
A slightly weaker euro and exports catching up compared to last year are supporting wheat prices in the European Union. According to the latest figures from the European Commission, wheat exports have now reached a similar level to the same period last year.
As of last week, 9,3 million tons had been exported. Morocco is the top customer, purchasing 1,7 million tons of wheat from the EU, primarily from Spain and France. Saudi Arabia comes in second, importing nearly 700.000 tons. Nigeria, Egypt, and Jordan have each purchased around 500.000 tons so far.
Algeria was previously the largest buyer of French wheat, but this season it ranks sixth, importing 400.000 tons of EU wheat. This season, Algeria is primarily relying on Romania and Latvia for its supply of EU wheat. However, the African country is currently buying the largest quantities from Russia.
Then there's the exchange rate. Last week, the euro rose to $1,165. This week, it fell back to $1,159. This makes EU wheat slightly more attractive to buyers who pay in dollars.
Locally, we're also seeing a slight improvement in wheat prices. At the Groningen Grain Exchange, wheat and barley both rose by €1 to €186 and €185 per tonne, respectively. Prices recovered slightly despite very low demand. On the other hand, supply is also very limited.