Ukraine Weighs Shipping Protections Amid Wheat Price Plunge

Euronext wheat futures plummeted more than 6% on news that Ukraine was exploring ways to keep ships moving through its key ports, potentially averting a major disruption to Black Sea exports.

The price drop, which saw front-month September milling wheat on Paris-based Euronext fall to €228.75 ($260.02) a metric ton, raises hopes for the global food market that a major shipping crisis may be avoided.

According to reports, Ukraine is discussing possible mechanisms with potential participants such as China, India, and some Arab countries, which would require shipowners to notify both Ukrainian and Russian authorities before vessels call at ports in either country. In return, ships registered in participating flag states would not be targeted.