US Diplomatic Push Fails to Lift European Wheat Prices Amid Ongoing Ukraine Conflict
European wheat prices rose on Monday after US diplomatic efforts to end the Ukrainian war failed to yield any significant progress. Benchmark December milling wheat on Paris-based Euronext closed at €249.25 (USD289.78) a metric ton, up 1.2 percent from the previous day.
The lack of breakthrough in talks between US envoys Jared Kushner and Steve Witkoff with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy has kept prices relatively stable. The tit-for-tat attacks by Russia and Ukraine on each other's ports and shipping have brought the countries' Black Sea exports to a near halt.
European Union origins, however, continue to attract strong demand, with west EU countries, including France, winning new sales to Egypt, Sudan, and West Africa. This has helped support prices despite the cancellation of a large tender from Saudi Arabia for 535,000 tons of wheat due to high prices.