Ukraine's Black Sea Truce Proposal Sends Wheat Prices Reeling
Euronext wheat prices pared gains on Thursday after Ukraine proposed a truce in attacks on civilian targets in the Black Sea, tempering concerns about disruptions to massive Russian and Ukrainian wheat exports.
The most active position, December wheat, was up just 0.1% at €233.25 ($269.08) per metric ton by 1541 GMT, after reaching a two-week high of €237.25 earlier in the day.
September futures were more volatile, rising as much as 3.7% to their highest since July 31 at €228.75 before reversing course following the report of Ukraine's ceasefire offer.
Concerns about disruptions to grain shipments had deepened on Wednesday when a Ukrainian strike on Russia's Novorossiysk port forced two major grain terminals to halt operations, and there were fresh worries on Thursday when a third terminal suspended operations, according to its owner Delo Group.