PARIS: Euronext wheat fell on Friday amid uncertainty over efforts to end the Iran war and caution before US crop data encouraging participants to adjust positions after a three-day rally.
May milling wheat, Euronext’s most-active position, settled 1.0percent lower at 203.25 euros (USD233.88) a metric ton, to end the week unchanged from last Friday’s close.
Chicago wheat also fell. Financial investors have switched to a long position in Euronext wheat during the Iran crisis, though they reduced their net long holdings last week, Euronext data showed. Investors were assessing comments by US President Donald Trump who on Thursday delayed again threatened attacks on Iran’s energy plants and has emphasised what he has described as productive negotiations aimed at a diplomatic solution to the war, despite Tehran’s assertions that no such talks have begun.
Crude oil and the dollar gained ground, however, as financial markets remained cautious about the prospects for an end to the war in Iran and concerned about ongoing disruption to energy supply.
Grain markets are also awaiting direction from US planting and stocks estimates on March 31. The data is attracting particular attention given potential for rising fuel and fertiliser costs to lead farmers to change planting plans.
Traders are also monitoring drought in the southern US Plains, with hot weather this week raising the risk of crop stress before forecast rain from next week.
In western Europe, crop conditions were generally favourable. In France, soft wheat ratings were stable in the week to March 23 at 84percent good/excellent, according to farm office FranceAgriMer. Crop development remained ahead of average after a warm start to March and ahead of a cold spell this week. In the UK, 82percent of the wheat crop was rated as in good or excellent condition, according to a survey conducted by the Agriculture and Horticulture Development Board (AHDB).
The ratings were significantly above the 67percent rated in good or excellent condition in late March 2025. “After an exceptionally wet winter, conditions have improved of late and though a few isolated fields remain waterlogged, most soils have drained better than expected, benefiting crops,” AHDB analyst Helen Plant said.
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