Euronext Wheat Futures Rebound on Ukraine-Russia Grain Disruptions

Euronext wheat futures rebounded on Wednesday after hitting four-week lows on Tuesday due to concerns over potential disruptions to Black Sea grain shipments.

The Ukrainian drone strikes on Russian grain export terminals in Novorossiysk have raised fears about the impact on Russia's wheat exports to global markets. This could shift importer purchases to other regions, affecting prices.

The Euronext wheat price for December rose 2.2% to €232.50 ($268.35) per metric ton at 1517 GMT, while September wheat climbed 3.5% to €220.75 per ton.

However, the gains in Euronext wheat were smaller than expected due to weak export demand in Western Europe and an already large long position held by investment funds in Euronext wheat.