Euronext Wheat Prices Soar on Black Sea Concerns

Euronext wheat prices surged to fresh contract highs on Wednesday as traders grew increasingly concerned about limited prospects for reduced tensions in the Black Sea region.

The December wheat contract on Euronext rose by 1.3% to €256.75 ($297.57) per metric ton by 1705 GMT, marking a two-year high for the second-month contract.

Chicago wheat prices also reached a 3-1/2 year high during the session, while strong crude oil and corn prices encouraged buying in wheat markets.