Milling Wheat No. 2

The European benchmark for physical milling wheat

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Euronext’s Milling Wheat No. 2 futures is relied upon as the European benchmark for the pricing of physical milling wheat. It is actively traded by cooperatives, merchants, trade houses, importers, exporters and processors such as feed compounders, flour millers and starch manufacturers.

Euronext’s Milling Wheat contracts represent European soft wheat, most of which is harvested in July. Europe is a key exporter in the international arena. The main European producers are France, Germany and the United Kingdom. Recent years have seen strong volatility in underlying wheat prices, mostly due to weather conditions affecting the important players, and an expected increase in global competition.

European Milling Wheat is used mainly in the milling, starch and food industries.

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Milling Wheat No. 2 Futures contract specifications
Milling Wheat No. 2 Options contract specifications

About Milling Wheat
Wheat has been used in food production for over 5,000 years and is categorised by its hardness. The harder the wheat, the higher its protein content and its potential to produce gluten. Gluten gives the dough its elasticity and enables yeast to work efficiently.

In the United States, wheat is divided into six classes: Hard Red Winter, Hard Red Spring, Soft Red winter, Hard white, Soft white, and Durum.
Spring wheat (hard, soft, and durum) is planted in spring and harvested in summer.
Winter wheat is planted during autumn or winter.
White wheat lacks the red gene present in the bran of red wheat, which can give a slightly bitter taste. Soft white is used to make Maida and Pastry flour.