Euronext Wheat Prices Rebound on Ukrainian Drone Strikes

Euronext wheat prices rebounded on Wednesday after falling to four-week lows on Tuesday due to concerns over potential disruptions to Black Sea shipments. The Ukrainian drone strikes on Russian grain export terminals in Novorossiysk suspended operations and threatened Russia's wheat exports to global markets.

The disruptions could shift importer purchases to other regions, potentially affecting global supply chains. Euronext's December wheat increased 2.2% to €232.50 per metric ton, while September wheat rose 3.5% to €220.75 per ton.

However, the gains in Euronext wheat were smaller than those seen in Chicago wheat due to weak export demand in Western Europe and a large long position held by investment funds in Euronext wheat.