Black Sea Attacks Drive Euronext Wheat to One-Month High

Euronext wheat prices climbed on Tuesday, reaching a nearly one-month high as tensions in the Black Sea region intensified. The rally was driven by concerns over potential disruptions to exports following drone attacks on vessels in the Black Sea. Two merchant ships, one carrying grain, were struck off Bulgaria, while another vessel was hit near Romania’s territorial waters. These incidents have raised fears of further disruptions to Ukrainian exports through Danube river ports and potential threats to Romanian and Bulgarian waters.

December wheat on Euronext rose by 0.3 percent to €246.50 (USD277.68) per metric ton by 1542 GMT, marking its fourth consecutive session of gains. The price earlier hit its highest level since September 9 at €248. Chicago wheat also saw a slight increase. Despite the gains, the rally was tempered by a steadying euro, which had hit a 17-month low against the dollar, and signs that Russia was increasing shipments through Baltic Sea ports.

Traders noted that there were no indications of a deal to resume Russian and Ukrainian Black Sea ship-borne exports, with attacks on ships and infrastructure continuing. 'There are no indications of a deal to allow Russian and Ukrainian Black Sea ship-borne exports to resume, and the attacks on ships and infrastructure continue,' one German trader said.