Euronext Wheat Futures Reach Two-Year High Amid Black Sea Disruptions

Euronext wheat futures climbed to fresh contract highs on Wednesday as traders factored in continued disruptions to grain shipments from Russia and Ukraine.

The December Euronext wheat contract rose 1.3% to €256.75 ($297.57) per metric ton by 1705 GMT, reaching a two-year high for the second-month contract.

This surge comes as strong crude oil and corn prices also encouraged buying in wheat markets, according to traders.

The conflict in the Black Sea region has severely impacted 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 proposed deal.