USDA report report fails to reverse EU wheat's fall (updated)

COMMERZBANK AG

11/09/2026 17:52

Updates prices at close of daily session
PARIS/HAMBURG, Sept 11 (Reuters) - European wheat fell on Friday after U.S. government grain forecasts failed to provide enough supportive news to reverse a bearish sentiment that has sent prices to a two-week low earlier in the session.
December wheat BL2Z6 on Paris-based Euronext, ended the daily session down 1.6% at €241.25 a metric ton.
The benchmark contract had fallen to a two-week low earlier in the session at €240.25, down from a contract high of €259.25 last week. 
The U.S. Department of Agriculture's monthly supply and demand forecasts on Friday pointed to slightly higher than the average estimate for world wheat ending stocks.
The report's release had encouraged profit taking by investors who have built up a large long position in wheat.
In addition, diplomatic moves to end Russia's war with Ukraine had weighed on prices.
Commerzbank raised its year-end wheat price forecasts, citing ongoing attacks by Russia and Ukraine on each other's ports, it said on Friday.
It now sees CBOT wheat Wv1 at the end of the year at $7 per bushel, up from $6.50 projected previously, and Euronext wheat BL2c1 at €240 per ton, up from €220 previously.
“The market continues to swing between hopes for a safe shipping deal in the Black Sea, which is bearish, and reports of continued Russian and Ukrainian attacks on ports and shipping, which is bullish,” a German trader said. 
Egyptian and Libyan importers showed interest in small volumes of 11.5% protein wheat at $300–$305 a ton c&f for September/October shipment. 
A trader said Pakistan's 750,000-ton wheat tender next week is expected to draw mainly Romanian and Bulgarian offers, possibly including Ukrainian wheat moved overland into Romania.     However, Pakistan may cancel if prices come in well above $300 a ton c&f.
More difficulties for Germany’s grain logistics were reported as falling river Rhine water levels meant ships could only sail partly-loaded with transport costs rising.

 (Reporting by Sybille de La Hamaide in Paris and Michael Hogan in Hamburg; Editing by Susan Fenton and Louise Heavens)
 ((Sybille.deLaHamaide@thomsonreuters.com; +336 8774 4148;))