Wheat futures on Euronext advanced on Tuesday as traders assessed supply risks from the Black Sea region, where weeks of attacks on ports by Russia and Ukraine have curbed shipments.
The most-active December wheat contract on Euronext closed 0.6% higher at €235.75 per metric ton, equivalent to $272.95, while the September contract settled 0.9% lower at €223.25 following the expiry of related options.
The gains came despite weak demand from importers and prices remaining below a two-week high reached last Friday. Traders noted limited evidence of buyers shifting to alternative sources such as Western European wheat to replace lost supplies from Russia and Ukraine.
Market focus remained on unconfirmed reports on Tuesday regarding strikes against several grain carriers near Russian ports, which added to concerns over export disruptions. The Black Sea region has been a key supplier of wheat to global markets, and ongoing hostilities have repeatedly threatened to reduce available tonnage.
In the European Union, soft wheat exports for the 2026/27 season, which began on July 1, totaled 1.48 million tons, a 49% decline from the same period a year earlier. The drop underscores the impact of reduced Black Sea shipments on trade flows into the bloc.
