Wheat futures on Euronext climbed to a one-month high on Thursday as escalating tensions between Russia and Ukraine raised concerns over grain export disruptions from the Black Sea region.
The December wheat contract on Euronext advanced 0.6% to €246.75 per metric tonne by 1:07 PM local time, up from €249 earlier in the session. The contract had previously reached a session high of €249, while the prior peak was set on July 24 at €250.50.
Chicago wheat futures also gained nearly 2%, hitting a three-year high following a limit-up move on Wednesday. The gains followed reports that Russia was considering intensifying ballistic missile attacks on Ukraine after peace negotiations stalled.
Recent mutual attacks have effectively halted grain loading operations at ports in both Russia and Ukraine, further tightening global supply expectations. The Black Sea, a critical corridor for grain exports, faces prolonged disruption as geopolitical risks mount.
The surge in prices underscores the sensitivity of agricultural markets to geopolitical developments, particularly in regions central to global grain trade.
