European wheat futures eased on Tuesday as traders weighed prospects for renewed diplomatic engagement between Russia and Ukraine, following reports of a U.S. military aircraft landing in Moscow and media speculation about a CIA visit.
The December wheat contract on Euronext, the most actively traded benchmark, closed 0.9% lower at €236.75 per metric tonne, equivalent to $276.29. The contract had earlier matched a four-week high of €242 per tonne on Monday, before reversing course. Milling wheat N2 fell 1.65% to close at €223.50.
Ukrainian President Volodymyr Zelenskiy said discussions with Russia would proceed along a "diplomatic track," fueling expectations of potential de-escalation in the Black Sea region. The remarks followed reports of a U.S. military aircraft arriving in Moscow on Tuesday, alongside unconfirmed U.S. media claims of a visit by the head of the CIA.
Russia’s Defence Ministry separately stated on Tuesday that its forces had struck five vessels at Ukrainian Black Sea ports, underscoring ongoing hostilities despite diplomatic signals. Analysts noted that both sides have been redirecting lower-priced grain exports through alternative routes, reducing the likelihood of increased demand for EU supplies.
The European Union remains a key supplier of wheat to global markets, and price movements in Euronext contracts are closely monitored as indicators of regional supply dynamics amid geopolitical uncertainty.
