European Wheat Futures Drop on Black Sea Diplomacy Hopes

European wheat futures declined on Tuesday, as traders weighed the possibility of diplomatic progress that could ease disruptions to Russian and Ukrainian grain exports through the Black Sea.

The December wheat contract on Euronext closed 0.9% lower at €236.75 ($276.29) per metric ton, after reaching a four-week high of €242 on Thursday.

Ukrainian President Volodymyr Zelenskiy said there would be a 'diplomatic track' with Russia regarding Black Sea attacks, following reports of a U.S. military aircraft landing in Moscow.

The visit sparked speculation among grain traders about possible de-escalation efforts, as the Russian Defence Ministry stated that its forces had struck five vessels at Ukraine's Black Sea ports on Tuesday.