Wheat prices rise in Europe amid Black Sea tensions
European wheat prices climbed as Black Sea tensions escalated and hopes faded for a deal to resume Russian and Ukrainian exports.
Key Takeaways
AIWheat prices rose in Europe on Monday, supported by escalating regional tensions in the Black Sea and diminishing hopes for an agreement to resume Russian and Ukrainian wheat exports through the region.
On the Euronext exchange in Paris, December wheat futures closed up 0.9% at 243.75 euros per ton, while wheat in Chicago gained around 2%, bolstered by rising corn prices.
Wheat also received additional support from importer demand, with Pakistan purchasing 365,000 tons on Saturday and announcing a new tender for 185,000 tons. However, the pace of gains was limited by higher prices as markets awaited any potential deal that could allow safe shipments through the Black Sea.