The heatwave that hit both sides of the Atlantic in June is now showing on global future markets, with prices rising in Chicago and Paris over the past week.

Europe

On the Euronext exchange (MATIF) in Paris, December wheat futures have jumped by more than €10/t in the past week to €185.75. Despite reports of ample supplies in the Black Sea, forecasts for a bad harvest and increased imports in Spain are pushing prices up.

Maize futures advanced by a more modest €2/t to €173.25/t for November delivery.

Rapeseed contracts are also commanding increasing prices and closed Tuesday’s trade at €365.50/t after a spike that went above €370/t on Monday.

Chicago

Gains were even stronger on the Chicago grain market (CME) as drought concerns heated up US markets ahead of Tuesday’s Independence Day closure. December wheat futures surged by nearly $30/t over just four days’ trading, closing at $210.90/t (€184.70/t) on Monday.

Corn (maize) was on a slower but steady growth path, with December contracts adding another $3/t on Monday to close at $157.20/t (€137.60/t).

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