Euronext Wheat Surges on Black Sea Concerns

Euronext wheat prices have surged to new contract highs on concerns over limited prospects for resolving tensions in the Black Sea region. This has led to a halt in grain shipments from Russia and Ukraine, forcing importers to seek alternative supplies.

The December wheat contract on Euronext rose by 1.3% to €256.75 ($297.57) per metric ton by 1705 GMT, reaching its highest level in two years. The contract earlier touched €259.25, surpassing Tuesday's peak and setting a new high for the second-month contract.

Turkey's efforts to facilitate safe passage for grain trade have been unsuccessful, as Russia rejected a proposed deal. Moscow and Kyiv continue to target each other's ports and shipping infrastructure, exacerbating the situation.