New wheat harvest priced higher

Photo: Canva
Photo: Canva

For the time being, supply and demand seem to be quite close. That is why the new harvest is priced higher than the old harvest.

On the Paris futures market, the December contract was trading at €221 per ton on Tuesday. Together, the trade in this wheat was €20 higher than the trades in the old harvest.

The difference between old and new harvest has become slightly greater in recent days. In recent weeks the price difference has fluctuated between €17 and €18 per ton. September 2025 doesn’t seem far away, but business for the month is trading at €225 per ton of wheat.

Russia’s exports: Increased

The trade in old harvests is characterised by a high output of grain from the Black Sea region. Russia repeatedly exports about 1.2 million tons. Market consultancy SovEcon thinks that the Russians have exported a total of around 5 million tons this month, which is more than last year in March. The question is whether this will work at all. The Russian producers have stopped exports from one of the export companies. This is due to quality complaints from influences. The government wants to distribute the company’s export license to other exporters so that exports can continue.

Ukraine’s wheat exports: At full throttle

Ukraine also has the throttle wide open when it comes to wheat exports. In February, the country exported 2.5 million tons of wheat. That is a very large amount for Ukraine. A lot of wheat is also sold in March, although the total quantity appears to be somewhat lower than in February.

EU wheat exports: Technical problems

We do not know exactly how much the European Union (EU) is currently exporting, because the system that is used has been experiencing technical problems for a number of weeks. The latest reading indicates that the EU has reached a total of almost 23 million tons of common wheat. Comparably, exports are at the same level as in the same period last year. Exports were slower for an important part of the season, but in January exports caught up.

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John Ramaker Commodities market editor, Boerderij