Euronext Wheat Prices Slide Amid Renewed Diplomatic Efforts and Ongoing Black Sea Tensions

Euronext wheat prices dropped on Friday as the market awaited news from renewed diplomatic efforts to end Russia's war with Ukraine and alleviate disruptions to Black Sea trade. The losses were limited, however, as more attacks in the Black Sea tempered hopes of de-escalation.

December wheat on Euronext fell 1% to €246.25 ($286.22) a metric ton at 1629 GMT, moving away from Wednesday's life-of-contract high at €259.25, also a two-year high for a second-month price.

The benchmark was weighed down by comments from Russian President Vladimir Putin that a peace agreement to end the war in Ukraine remained possible, followed by reports of U.S. envoys visiting Russia and Ukraine for peace negotiations this weekend.

However, attacks on Ukrainian shipping continued, with a Russian drone hitting the headquarters of Ukraine's SBU security service in Kyiv and Moscow striking two vessels around Ukrainian Black Sea ports.