European Wheat Prices Hold Steady Amid Ongoing Conflict
Euronext wheat prices in Europe remained largely unchanged on Tuesday as traders weighed the impact of diplomatic efforts to reduce attacks on Russia's war against Ukraine and a weaker dollar versus the euro.
The price of December 'wheat' on Paris-based Euronext held steady at EUR243.75 (USD278.68) per metric ton, despite a nearly two-month low in the euro/dollar exchange rate boosting Euronext.
The wheat markets have been digesting the ongoing conflict between Russia and Ukraine, which has disrupted Black Sea exports from both major grain-producing countries.
However, continued attacks on ports have dampened expectations for a shipping recovery, with one futures broker stating that 'the lack of a clear export programme for the next few months has started to disappoint people who have long positions.'