Investing.com -- European wheat prices rose on Tuesday as traders assessed the impact of record-breaking May temperatures on winter crops across Western Europe.
Benchmark September milling wheat on Paris-based Euronext gained 1% to 214.75 euros ($249.54) a metric ton by 1520 GMT.
Parts of Western Europe, including France, the European Union’s largest grain producer, the UK and Spain, are experiencing record temperatures for May. France’s weather service Meteo France forecasts the exceptionally high temperatures will continue through the end of the week.
Heat waves in late May can damage crops during sensitive spring growth stages, before they develop tolerance to summer heat. The extent of damage varies based on crop stage, soil moisture, nighttime temperatures and heat duration.
Russia, the world’s largest wheat exporter, plans to export 60 million tons of grain this season, the country’s farm minister said on Friday. The nation has supplied 52 million tons of wheat to global markets so far.
European Union wheat exports reached 20.94 million metric tons by May 24, up 6% from the same period last season, according to European Commission data released on Tuesday.
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