Euronext Wheat Prices Tumble Amid Ongoing Black Sea Uncertainty
Euronext wheat prices followed Chicago's lead in falling on Friday, as traders continued to assess the impact of war disruptions on Black Sea exports from Russia and Ukraine.
The December Euronext wheat contract settled at EUR241.50 (USD277.07) per metric ton, down 0.8% from the previous day. The US market was under pressure due to a seven-week high for the dollar index, with Chicago wheat dropping about 2%.
Traders reported that shipments of Russian wheat were available for sale in St Petersburg, including one loading offered at $275 per ton free on board (FOB), and two others priced at $280 and $250, respectively. However, it's still unclear how much Russian grain will arrive on the Baltic market.
German trader reportedly stated that the market is torn between hopes for a diplomatic agreement on safe shipping in the Black Sea and ongoing military strikes, making it difficult to estimate the volume of Russian wheat arriving at the Baltic ports.