Euronext Wheat Prices Soar on Russia-Ukraine Export Disruptions

Euronext wheat prices soared to a one-month high on Thursday as concerns over potential disruptions to Russian and Ukrainian grain exports intensified.

The December contract on Euronext rose by 0.6% to €246.75 ($287.46) per metric ton, with the benchmark contract earlier touching its highest level since July 24 at €249.

Market sentiment shifted after a Bloomberg News report that Russia was considering increasing ballistic missile strikes on Ukraine, having concluded that peace negotiations have reached a dead end.

This reduced expectations for a quick recovery in Black Sea grain shipments, with recent mutual attacks bringing grain loading operations at Russian and Ukrainian ports to nearly a complete standstill.