Black Sea Conflict Triggers European Wheat Price Drop
European wheat futures saw a late drop on Monday as hopes for a de-escalation in the 'Black Sea conflict' rose after US President Donald Trump announced that Ukraine and Russia had agreed not to target each other's energy infrastructure.
The market also took into account Algeria's inability to purchase French wheat in a new tender due to continued disruptions by Russian and Ukrainian Black Sea ship exports.
Benchmark December Wheat on the Paris-based Euronext Exchange fell 0.5% to EUR239.75 ($276.79) per metric ton at 1544 GMT, after earlier rising over 1%.
Shipborne Black Sea exports between Russia and Ukraine have nearly stopped due to both sides attacking each other's ports and shipping routes, with alternate routes unable to fully compensate for the loss.