Small rise in EU wheat prices capped by hefty competition

European wheat prices edged higher on Friday but remained lower on the week as ample global supplies and steep competition continued to weigh. Benchmark March milling wheat (BL2H6) on Paris-based Euronext closed 0.3% higher at 189.00 euros ($221.79) a metric ton. On the Chicago Board of Trade most-traded wheat was unchanged at $5.33 a bushel. French and European grains prices on the cash market slid to a three-month low this week after the U.S. Department of Agriculture raised its global output estimates, cementing expectations for ample supply. “EU and Black Sea wheat is facing heavy competition in export markets from cheap Argentine wheat and both may have to reduce their prices if they expect to win more export business,” one German trader said. “Bearish news keeps coming from Argentina about large supplies.” Argentina’s 2025/26 wheat harvest is forecast to hit a record 27.7 million metric tons, the Rosario Grains Exchange said on Thursday, lifting its estimate from 24.5 ...