Ukraine-Russia Diplomatic Hopes Boost EU Wheat Futures

Euronext Wheat Futures were steady on Monday as traders weighed the suggestion of Ukraine's President for diplomatic talks with Russia about Black Sea attacks against speculation about a shift in demand towards European Union Supplies.

The December wheat contract was up by 0.3% to EUR239 ($278.84) at 1630 GMT, after earlier reaching a high of EUR242 for four weeks on Thursday and then losing gains.

September wheat prices were up 1.7% to EUR227.50 per ton, with participants covering positions before the expiration of next month and talk about spot demand for French wheat in order to replace Black Sea shipments.

The disruption of Russian and Ukrainian wheat exports has led to rumors about possible short-term French loadings that could replace Russian or Ukrainian supplies, following a rare shipment of French wheat bound for Sudan.