European Wheat Futures Decline Amid Ukraine-Russia Conflict

European wheat futures declined on Monday due to the impact of Ukrainian and Russian strikes on ports, shipping, and grain terminals. The price of 'September' milling wheat at the Paris-based Euronext fell by 0.7% to EUR231 ($262.65 per metric ton) at 1443 GMT.

Major grain export terminals from Ukraine and Russia escaped major damage during the attacks, which continued over the weekend. Traders were relieved that Ukraine did not strike the massive grain export terminals in Russia's Black Sea port of Novorossiysk, and that the wheat export ports from both countries appeared unharmed.

A fall in crude oil prices by around 6% also affected grains prices, as did a drop in Chicago Wheat. However, one trader noted that 'Russia's port grain terminals weren't generally affected, which is a great relief.' Nevertheless, there are concerns that the logistics chain feeding these terminals may have been disrupted.