Commodities
European Wheat Futures Plummet on Profit-Taking and Ukraine Conflict
European wheat futures took a hit on Friday as traders locked in profits following July's strong rally, which saw prices surge more than 10% amid concerns over Black Sea grain shipments.
The Paris-based contract plummeted by 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.
The price drop was in line with the benchmark contract in Chicago and followed recent attacks by Russia and Ukraine on grain infrastructure and vessels, which have disrupted cargo movements and increased risks for importers in the Middle East, Africa, and Asia.