European Wheat Futures Surge on Continued Black Sea Disruptions

European wheat futures surged on Monday due to disruptions in Russian and Ukrainian Black Sea exports. Benchmark December wheat on the Paris-based Euronext exchange rose by 1.3% to €244.25 ($281.82) a metric ton.

The USDA's world supply and demand report released on Friday estimated Russia would export 43 million tons of wheat this season, but analysts doubt this will happen with Black Sea shipments severely disrupted.

Algeria has put out a new purchase tender for wheat, sparking hopes of new EU sales. However, French wheat is still excluded from tenders due to political tension between France and Algeria.