Euronext Wheat Futures Rally on Ukraine-Russia Disruption

Euronext wheat futures rose on Wednesday after Ukrainian attacks on Russian grain export terminals heightened concerns about disruption to massive Black Sea shipments.

The December Euronext wheat contract, the most active position, gained 2.2% to €232.50 (USD268.35) a metric ton at 1517 GMT.

The two biggest Russian grain terminals in Novorossiysk suspended operations following Ukrainian drone strikes, threatening Russia's huge wheat exports to world markets and possibly shifting importer purchases to other regions.

A futures broker noted that if the fighting persists in the Black Sea with logistical problems, it will be bullish for wheat. However, he added that currently there is an idea that port silos in France are full, demand is lacking, and there's no switching yet from Black Sea towards Western European supplies.