European Wheat Rises as US Diplomatic Visit Fails to Yield Breakthrough
European wheat futures rose on Monday after a US diplomatic visit to Ukraine and Russia failed to yield significant progress in ending the war, which has severely disrupted shipments from the Black Sea region.
The benchmark December milling wheat contract on Euronext Paris closed 1.2% higher at €249.25 ($289.78) per metric ton, still below its recent high of €256.75 a ton.
US envoys Jared Kushner and Steve Witkoff met with Russian President Vladimir Putin in Moscow and Ukrainian President Volodymyr Zelenskiy in Kyiv over the weekend, but their efforts did not lead to a breakthrough in ending the war.
Traders noted that despite the strong demand for EU-origin wheat, some importers are delaying purchases in hopes of a deal that would allow Russian and Ukrainian sea shipments to resume, which could sharply lower prices.