EU wheat slips to new lows before USDA data

European wheat futures fell to fresh contract lows on Tuesday as swelling supply in exporting countries pressured the market while traders awaited U.S. grain stocks estimates later in the day.

December milling wheat (BL2Z5), the most active position on Paris-based Euronext, was down 0.7% at 187.25 euros ($219.59) a metric ton by 1533 GMT.

It earlier hit a contract low at 187 euros, moving below a previous low of 187.75 euros last week.

Chicago wheat ZW1! was also down ahead of the U.S. Department of Agriculture's quarterly stocks report, one of the most closely tracked publications in grain markets.

"December MATIF (Euronext) wheat remains stuck in its downward trend," said Donatas Jankauskas, analyst at commodity data firm CM Navigator.

There was potential for a bounce as technical indicators show it is approaching oversold territory, "but unless bulls clear 192–193.25 (recent highs), bears are firmly in charge", he said.

Investment funds hold a large short position in Euronext wheat, encouraged by expectations of large harvests in all major exporting countries this season.

Weekly European Union data showed the bloc's soft wheat exports so far in 2025/26 were down 31% from a year earlier, though the gap was partly due to incomplete figures for France.

Jordan made no purchase in an international tender seeking 120,000 tons of wheat, traders said.

($1 = 0.8527 euros)