Not helping global wheat prices is news that French wheat crops are being choked by drought this season.
“The French environment minister said on Monday France was in ‘a situation of crisis’ and on Wednesday imposed curbs on water consumption in a third of France’s administrative departments.
Over 85 percent of the wheat crop has already suffered from a lack of water, including northern France’s grain belt, according to grains technical institute Arvalis,” according to Reuters.
New crop wheat futures have gained 34 per cent in the EU since mid-March, and hit a record contract high yesterday.
Want more French economic news? Check out our spring issue.