Ukraine Discusses Shipping Protections to Avoid Wheat Export Disruption
Euronext wheat futures plummeted over 6% after Ukraine discussed possible shipping protections for vessels passing through its Big Odesa ports, potentially avoiding a major disruption to Black Sea exports.
The September milling wheat contract on Paris-based Euronext fell to €228.75 ($260.02) per metric ton by 1320 GMT, down from €226.25 in earlier trade.
Ukraine is considering two options: one would require shipowners to notify both Ukrainian and Russian authorities before vessels enter or leave ports, while the second would create temporary ceasefire windows for vessels to pass through.
No formal agreement has been announced, and details remain under negotiation, ExpertGrain said. The proposal involves potential participants from China, India, and some Arab countries.