Black Sea Disruptions Fuel EU Wheat Price Hike

The price of wheat in Europe has risen due to concerns over Black Sea exports.

EU wheat prices increased by 1.2% on Monday, reaching EUR244.50 ($280.34) per tonne, following attacks in Russia's war against Ukraine that have disrupted shipping in the region.

The US-China Summit this week has lifted Chicago grain prices, which rose about 2%, as traders see signs of progress in talks between officials ahead of the meeting.

Russian and Ukrainian shipborne exports in the Black Sea have virtually ceased due to attacks on ports and ships, with German traders stating that an agreement allowing Russian or Ukrainian Black Sea exports to resume seems remote.