Black Sea Disruptions Send Euronext Wheat Prices Soaring

Euronext wheat prices rose on Wednesday as concerns over war disruption to Black Sea exports took center stage. The December contract on Euronext was up 1.3 percent at €231.50 (USD267.29) a metric ton by 1615 GMT, after slipping to its lowest since July 15 earlier in the day.

The pressure on wheat prices came initially from falling oil prices, which had reached a three-week low due to signs of progress in talks to end the Iran war and restore regular traffic through the Strait of Hormuz. However, as oil prices steadied, trading focus shifted to Black Sea export disruptions.

An unconfirmed rumor that Russia was planning to close its Black Sea ports on Wednesday evening due to security risks fueled a 2.4 percent rise in Euronext December wheat prices before traders played down the talk and gains were pared.