Wheat Futures Plummet as Black Sea Ports Avoid Damage

European wheat futures declined on Monday due to concerns over attacks on ports and shipping infrastructure in Ukraine and Russia. The September milling wheat contract on the Paris-based exchange fell by 0.7% to €231 ($262.65) per metric ton after moving between gains and losses during afternoon trading.

The decline was attributed to relief that major grain export terminals at Russia's Black Sea port of Novorossiysk had not been significantly damaged, despite ongoing Russian and Ukrainian attacks over the weekend.

Traders had initially feared disruption to grain exports following two weeks of strikes between the US and Iran, which weighed on grain prices. However, the pause in strikes over the weekend provided some relief, causing wheat futures to drop around 6% after Friday's sharp decline.