EU Wheat Hits New High Amid Fears of Prolonged Black Sea Disruption
The price of EU wheat has continued to rise on August 27, setting another one-month high at €246.75 ($287.46) per metric ton due to concerns over a prolonged disruption to Russian and Ukrainian exports.
The Euronext wheat market remains focused on the risk of escalated war in the Black Sea region, which has brought grain loadings to a virtual halt in recent weeks.
A report by Bloomberg News that Russia is considering stepping up ballistic missile strikes on Ukraine has further dimmed hopes of a swift recovery in Black Sea shipments.
Despite this, some importers are turning to other origins, including European Union supplies, which is supporting international prices. In France, two vessels are due to load wheat for Egypt and another vessel loaded 48,000 tons of French wheat at Rouen last week for Sudan.