EU Wheat Prices Drop Amid Ongoing Ukraine War Tensions
The European Union's wheat market has seen prices drop from contract highs as investors wait to see if diplomatic efforts can end Russia's war with Ukraine.
December wheat on Euronext was down 1 percent at €246.25 (USD286.22) a metric ton, moving away from the life-of-contract high of €259.25 set on Wednesday.
The market is cautious due to recent attacks in the Black Sea area, which have tempered hopes for de-escalation.
US envoys are reportedly planning to visit Russia and Ukraine this weekend for peace negotiations, but attacks continue, including a Russian drone hitting the Ukrainian SBU security service headquarters in Kyiv.