Euronext Wheat Prices Fall Amid Abundant Global Supplies

Euronext wheat prices fell on Thursday as abundant global supplies eased concerns about war-related disruptions to Black Sea export flows, according to traders. December wheat on Euronext declined 1.7% to €227.75 ($262.23) per metric ton by 1623 GMT.

The drop reversed gains from Wednesday, when prices had recovered from a three-week low. The European market followed a decline in Chicago, where wheat futures dropped more than 2% to a four-week low.

Traders said a large long position held by investment funds in Euronext wheat has made the market vulnerable to periods of liquidation. Both Euronext and Chicago futures reached two-year highs in late July after increased attacks on ships, ports, and export terminals in the Black Sea began to disrupt shipments.