European Wheat Futures Drop as Black Sea Ports Avoid Damage

European wheat futures declined on Monday as traders assessed the impact of Ukrainian and Russian attacks on ports and shipping infrastructure. Major grain export terminals in both countries appeared to have avoided significant damage.

The September milling wheat contract on the Paris-based Euronext exchange fell 0.7% to €231 ($262.65) per metric ton at 1443 GMT after moving between gains and losses during afternoon trading.

Crude oil prices dropped around 6% following a pause in U.S.-Iran strikes over the weekend, which also weighed on grain prices. The decline in Chicago wheat added to Euronext's weakness.