Wheat Prices Fall as Black Sea Disruption Risks Priced In

European wheat prices fell on Tuesday as traders decided that risks from Black Sea export disruptions were already priced in, even though Russia continues to restrict shipping through the Sea of Azov following Ukrainian drone attacks on grain vessels.

The September milling wheat contract on Paris-based Euronext closed 0.6% lower at €228 ($259.78) per metric ton.

Russia, the world’s largest wheat exporter, restricted shipping through the Sea of Azov this month after Ukrainian drones attacked several Russian grain vessels, which handle approximately 25% of Russia’s grain exports.