Euronext Wheat Prices Plummet Amid Black Sea Truce Talks
Euronext wheat prices plummeted to their lowest level since mid-July on Tuesday as rumors of talks to halt attacks on vessels in the Black Sea eased concerns about a squeeze on Russian and Ukrainian exports.
The decline was also driven by sluggish demand for Western European wheat, technical selling in front-month futures, and caution ahead of widely followed U.S. Department of Agriculture crop forecasts on Wednesday.
December wheat, the most active position on Euronext, settled 1.2% down at €227.50 ($262.54) a metric ton after touching its lowest since July 15.
Russia's IKAR trimmed its 2026/27 wheat exports forecast by 0.5 million tons to 44.5 million tons while fellow Sovecon projected August wheat shipments at a 10-year low of 3.0 million to 3.4 million tons, adding to the bearish sentiment.