Black Sea Disruptions Boost European Wheat Futures Amid Algerian Tender

The global wheat market is experiencing upward pressure due to disruptions in Black Sea ship-borne exports caused by ongoing conflict between Russia and Ukraine. European wheat futures rose on Monday, with December prices on Paris' Euronext exchange increasing by 1.3% to EUR244.25 ($281.82) per metric tonne.

Analyst Donatas Jankauskas noted that 'Euronext Wheat is finding support because Black Sea shipments to Russia and Ukraine are basically being stopped by fighting.' The USDA still predicts Russia will export 43 million tons of wheat this season, but this goal seems increasingly unlikely given the current situation.

Algeria has reopened its tender for Paris wheat, adding to upward pressure on prices. French wheat was initially excluded from recent tenders due to 'political tension' between France and Algeria, but it remains unclear if it will be included in this week's offer.