Black Sea Tensions Drive Euronext Wheat Prices to New Highs

Euronext wheat futures rose to fresh contract highs on Wednesday as concerns over the Black Sea region's impact on grain shipments from Russia and Ukraine weighed heavily on traders.

December wheat on Euronext climbed 1.3% to €256.75 ($297.57) per metric ton by 1705 GMT, with the contract earlier touching €259.25, a two-year high for the second-month contract.

The Black Sea region's tensions have significantly reduced grain loading operations at Russian and Ukrainian ports, forcing importers to seek alternative supplies.

Turkey's attempts to facilitate safe passage for grain trade have not led to progress, with Russia rejecting a grain deal proposal. Moscow and Kyiv continue to target each other's ports and shipping infrastructure.