The December Euronext wheat contract rose 0.6% to €246.75 ($287.46) per metric ton by 1607 GMT, extending gains after touching €249 earlier in the session, its highest since July 24. The contract had previously peaked at €250.50 on July 24.
Chicago wheat futures advanced nearly 2%, reaching a three-year high following a limit-up move on Wednesday. The surge in both benchmarks reflects mounting concerns over Black Sea grain shipments amid escalating geopolitical tensions.
Market sentiment shifted sharply on Wednesday after Bloomberg News reported that Russia was considering increasing ballistic missile strikes on Ukraine, citing the conclusion that peace negotiations had reached a dead end. The report reduced expectations for a swift resumption of grain loading operations at Russian and Ukrainian ports, which have been largely disrupted by recent mutual attacks.
Grain loading activities in the Black Sea region have slowed to near standstill levels, further tightening global supply expectations and supporting prices. Traders cited the deteriorating security situation as a key driver of the recent price momentum.
