Euronext wheat futures for December delivery fell 1.1% to €238.25 per metric ton on Friday, paring gains after reaching a four-week high of €242 earlier in the week.
The decline followed profit-taking by traders who had pushed prices to the highest level since July 24. The December Euronext wheat contract had surged in recent sessions amid concerns over grain exports from the Azov and Black Sea basin, where shipping routes have been disrupted by attacks between Russia and Ukraine.
September Euronext wheat futures, which expire sooner, dropped more sharply by 1.7% to €223.50 per ton as market participants reduced exposure ahead of contract rollover. Chicago wheat futures also retreated after hitting a four-week peak on Thursday, reflecting similar profit-taking dynamics.
Traders noted fewer reports of vessel or port damage on Friday, though the market remains sensitive to developments in the Black Sea region. Market participants are assessing whether importers are shifting to alternative suppliers amid the ongoing disruptions to Russian and Ukrainian grain exports.
