Euronext wheat futures climbed to a one-month high on Thursday, driven by mounting concerns over disruptions to Russian and Ukrainian grain exports amid escalating conflict in the Black Sea region.
The December wheat contract on Euronext advanced 0.6% to €246.75 ($287.46) per metric ton by 1607 GMT, according to market data. Earlier in the session, the benchmark contract reached €249, its highest level since July 24, when it briefly touched €250.50.
Market sentiment shifted after Bloomberg News reported that Russia was considering increasing ballistic missile strikes on Ukraine, citing a conclusion that peace negotiations had reached an impasse. The report reduced expectations for a swift resumption of grain loading operations at Russian and Ukrainian ports, which have been nearly halted due to recent mutual attacks.
Chicago wheat futures also surged nearly 2%, hitting a three-year high following a limit-up move on Wednesday. The gains reflect broader concerns over supply tightness in global grain markets as Black Sea export routes face prolonged uncertainty.
The price surge underscores the sensitivity of agricultural commodity markets to geopolitical developments in key exporting regions, where disruptions can rapidly tighten global supply and elevate price volatility.
