Euronext Wheat Prices Tumble Amid Surprise Corn Stock Increase

The wheat market on Euronext has taken a hit due to an unexpected increase in US corn stocks, which is weighing heavily on grain prices. The benchmark December milling wheat contract closed at €236 ($267.53) per metric ton, down 0.1% from its previous close.

This decline comes after the US Department of Agriculture reported higher-than-expected corn stock levels, leading to a drop in prices for both wheat and corn. The December contract had reached as high as €239.25 earlier in the session, but ultimately fell back due to the negative news.

Ongoing concerns about Black Sea wheat supply are providing some support for prices, despite the overall downward trend. Russia's war with Ukraine continues to disrupt grain trade in the region, which has been a major factor affecting wheat markets throughout September.