Euronext Wheat Prices Rise Amid Black Sea Export Disruptions

The price of Euronext wheat rose on Friday to post a weekly gain as concerns over reduced exports from Russia and Ukraine intensified.

December wheat, the most-active position on Euronext, was up 1.3 per cent at €235.75 ($273.07) per tonne after setting a new two-week high at €237.50.

The front-month September futures led gains with technical adjustments before the upcoming expiry of the contract adding to support from Black Sea tensions.

Ole Hansen, Head of Commodity Strategy at Saxo Bank, said 'Wheat has regained a geopolitical premium.'

Ukrainian attacks on Russian grain facilities and Russian strikes against Ukrainian ports have highlighted the vulnerability of one of the world's most important agricultural export corridors.