European wheat prices moved higher on Tuesday as traders evaluated the potential damage from an early heat wave affecting winter crops across Western Europe.
On the Paris-based Euronext exchange, the benchmark September milling wheat contract advanced 1% to 214.75 euros a metric ton by 1520 GMT, equivalent to $249.54 a metric ton. Market activity reflected concern about how the exceptional May temperatures could affect crop development before plants gain tolerance to hotter summer conditions.
Regions including France, the European Union’s biggest grain producer, the United Kingdom and Spain are registering record-high temperatures for May. France’s national weather service, Meteo France, said the exceptionally high temperatures are likely to continue through the end of the week. Such sustained heat in late May is notable because it coincides with sensitive spring growth stages for winter cereals.
Heat waves at this time of year can harm crops when plants are still in spring development, a phase prior to their increased resilience to summer heat. The eventual scale of any damage is not uniform and depends on several local conditions, including the specific crop growth stage at the time of the heat, the amount of moisture present in the soil, nighttime temperature levels and how long the heat persists.
Supply-side data released this week added further context for traders watching global flows. Russia, identified as the world’s largest wheat exporter, said its farm minister expects the country to ship 60 million tons of grain this season. To date, Russia has supplied 52 million tons of wheat to global markets, according to the minister’s statement on Friday.
Meanwhile, European Commission figures published on Tuesday show that European Union wheat exports reached 20.94 million metric tons by May 24, an increase of 6% compared with the same period in the previous season. Those export totals provide a snapshot of shipments out of the bloc so far in the marketing year.
Traders will likely continue to track weather forecasts and export figures closely as they assess near-term price direction. The combination of record May temperatures in key Western European producing areas and ongoing export activity from major suppliers remains central to market focus.