Prices of wheat in the European Union (EU) dipped to near-October lows on November 27, 2025 from surplus and the U.S.’ Thanksgiving holiday.
Futures at Euronext in Paris rated down to 190.5 euro ($220.9) a tonne in evening contracts on the 26th, per the BRecorder.
This way they almost echoed the low of 189.75 euro ($217.4)/tonne of October 15, which had a reprise early this week.
But in cash markets, some countries are having a field day in particular markets that they patronize.
Among these is Russia whose week’s sale of 11.5% protein wheat in Egypt hit $246-247 a tonne, inclusive of freight charges.
According to traders, Russia currently enjoys the best rates in Egypt while Argentina has the lowest worldwide, especially in Asian markets.
Also making a kill for Egypt is France, which apparently shipped 65,000 tonnes of the soft grain there this week.
Topping export rates worldwide are Romania ($251/tonne), France and Ukraine (both at $249-250/tonne), inclusive of freight costs.
The United States in its part starts at $242 a tonne, based on a Spain-bound sale this week for December/January deliveries.
Glut all Over
Underlining the stiff competition is ample production in both the northern and southern hemispheres’ major shippers.
In the United States, the Thanksgiving holiday when trade stops for a while finds a flourishing 2026-27 winter wheat crop.
Three months after the 2025-26 winter wheat harvest ended in August, new plantings are finalizing, with crop conditions 48% good-to-excellent.
The EU on the other hand expected in July 2025 to reap 278.4 million tonnes of cereals in 2025, up 9.1% from 2024.
Soft wheat output could hike by 14% to 127.3 million tonnes or 14% above 2024’s output due to currently fine growing conditions.
France might produce 32.3 million tonnes of soft wheat or 27% above 2024’s while Bulgaria 7.1 million tonnes, the highest ever.
The same informs far off Argentina, whose abundant crop allows the country the most affordable rates of all major origins. Regarding origins, the EU is in the top echelons of worldwide wheat production but with relatively affordable prices, per the stats below.
EU Wheat Statistics
The European Union (EU) is a key source of soft spring and durum wheat worldwide. In 2022, continental Europe had four countries ranking among the top 11 wheat-producing nations. These included non-EU members Russia at104.2 million tonnes and Ukraine at 20.7 million tonnes. EU members featured France at 34.6 million tonnes and Germany at 22.6 million tonnes.
The European Union produces mainly two wheat varieties, namely soft wheat and durum wheat. Their utilized production in the 2021-25 context are as follows, per the European Commission:
| Year | Soft wheat [tonnes] | Durum wheat [tonnes] |
| 2025 [projection] | 134.169 million | 8.237 million |
| 2024 | 110.95 million | 7.655 million |
| 2023 | 125.185 million | 7.413 million |
| 2022 | 125.814 million | 7.464 million |
| 2021 | 129.1 million | 8.079 million |
Which is the EU’s wheat production share globally in 2025-26?
According to the European Commission’s Agri Dashboard, the EU’s wheat production would reach 133 million tonnes in the 2025-26 season. This would be 1/6th of the 827 million tonnes the world would reap that season. In the EU context, this means glut: there were already 11 million tonnes in the bloc’s wheat reserves for 2025-26 by November 18, 2025.
How much does Europe’s wheat sell internationally?
Free-on-board export rates for November 18, 2025 found wheat grade 1 from the EU selling at 197 euro ($228.19) a tonne. This was lower than Canada’s equivalent at 246 euro ($284.92) a tonne.