France, the EU's largest wheat producer and exporter, could see a record crop. The current record, which was achieved in 1998, stands at 38.2 million tons.



Agritel is predicting a wheat crop of 38.9 million tons. Despite the hot and dry conditions in the early summer, plants developed very well and were in excellent condition by the time they were ready for harvesting.



According to a statement from the Euronext futures exchange, the two largest French silo operators, Socomac and Senalia, are not currently accepting any new wheat deliveries because their capacities are exhausted.



Despite the expectations of a record crop in France, the most-active forward contract for EU wheat with a December maturity date gained 2% in the past three days and is currently priced at €186 per ton, says Commerzbank.