Euronext Wheat Prices Fall as Global Supplies Ease Black Sea Worries

Euronext wheat prices dropped on Thursday due to ample global supplies easing concerns about war-related disruptions to Black Sea export flows, according to traders.

The December Euronext wheat contract declined by 1.7% to €227.75 ($262.23) per metric ton by 1623 GMT, reversing gains from the previous day when prices had recovered from a three-week low.

European market movements followed a decline in Chicago, where wheat futures dropped more than 2% to a four-week low.

Traders cited a large long position held by investment funds in Euronext wheat as making the market vulnerable to periods of liquidation. This vulnerability was compounded by concerns about a potential halt to large wheat exports from Russian deep-water ports.