EU Wheat Futures Fall Amid Relief Over Port Damage Avoidance

European wheat futures declined on Monday as traders evaluated the effects of Ukrainian and Russian attacks on ports and shipping infrastructure. The major grain export terminals in both countries appeared to avoid significant damage, a relief for the global market.

The front-month EU wheat futures contract fell 0.7% to €231 ($262.65) per metric ton at 1443 GMT after moving between gains and losses during afternoon trading. This decline added to Euronext's weakness on Monday.

The attack on Black Sea ports weighed heavily on grain prices, with prices dropping around 6% after the U.S. and Iran paused strikes over the weekend following two weeks of attacks. Traders expressed relief that Ukraine had not struck the large grain export terminals at Russia's Black Sea port of Novorossiysk.

The markets' reaction suggests that wheat exports from both countries may continue relatively unimpeded despite ongoing conflict in the region.