Wheat Prices Spike Amid Russia-Ukraine Export Disruptions

Euronext wheat prices surged to a one-month high on Thursday as concerns over potential disruptions to Russian and Ukrainian grain exports intensified.

The December wheat contract on Euronext rose 0.6% to €246.75 ($287.46) per metric ton by 1607 GMT, marking its highest level since July 24 when it reached a contract high of €250.50.

Market sentiment shifted on Wednesday after Bloomberg News reported that Russia was considering increasing ballistic missile strikes on Ukraine, having concluded that peace negotiations have reached a dead end.

This reduced expectations for a quick recovery in Black Sea grain shipments, which have been brought to nearly a complete standstill due to recent mutual attacks.