European Wheat Futures Decline as Traders Take Profits Amid Black Sea Disruptions

European wheat futures declined on Friday as traders took profits after a strong rally in July that pushed prices up more than 10% amid concerns about Black Sea grain shipments.

The September milling wheat contract on Paris-based Euronext fell 2.9% to €222.75 ($256.54) per metric ton by the end of trading, down from €202.0 per ton at the end of June.

Recent attacks by Russia and Ukraine targeting grain infrastructure and vessels have disrupted cargo movements and increased risks for importers in the Middle East, Africa, and Asia, supporting global grain prices.