Euronext Wheat Prices Soar on Escalating Conflict Fears

Euronext wheat futures surged on Thursday to a one-month high as concerns about disruptions to Russian and Ukrainian grain exports intensified due to reports of escalating conflict.

The December Euronext wheat contract rose 0.6% to €246.75 ($287.46) per metric ton by 1607 GMT, marking its highest level since July 24 when it reached a contract high of €250.50.

Russia's consideration of increasing ballistic missile strikes on Ukraine led market sentiment to shift, reducing expectations for a quick recovery in Black Sea grain shipments.

The recent mutual attacks have brought grain loading operations at Russian and Ukrainian ports to nearly a complete standstill, contributing to the price increase.