European cereal production in 2025 has been revised moderately higher, confirming a record soft wheat harvest and the largest barley crop since 2008, according to Expana’s latest report. The December 2025 wheat contract on Euronext stood at €189 per metric ton on October 6, with prices stabilising after months of decline. Exports have picked up, particularly from France, while Russian wheat has exerted less downward pressure than in previous campaigns. 

The maize harvest was revised up slightly but remains among the lowest since 2007, reflecting strong yields in northern Europe and weaker results in the south. Wheat use in animal feed is forecast to rise sharply due to strong competitiveness against barley and maize, while total cereal feed use is expected to increase by 5.5 million tonnes year-on-year. However, industrial feed output for cattle and pigs is set to fall, partly offset by higher poultry feed demand. 

Despite improved export prospects, the European balance sheet for wheat and barley remains heavy as domestic and export demand fail to absorb record output. Maize imports are projected to stay above 20 million tonnes due to the lower domestic crop. Expana said European grain prices “still have downside potentials so as to boost domestic demand and export competitiveness,” citing large global supplies and a comfortable world corn market.