EU wheat eases on cautious hopes for Black Sea grain exports
WEAT•European wheat fell 0.6% to €239 a metric ton as traders weighed cautious signs of progress toward restoring Black Sea grain exports.
1. Wheat prices fall
Benchmark December milling wheat on Euronext was down 0.6% to €239.00 a metric ton by 1555 GMT, after reaching a near one-month low in the previous session.
2. Corridor efforts
Turkish President Tayyip Erdogan said Turkey had stepped up efforts to re-establish the Black Sea grain corridor and received a positive response in discussions with Ukrainian President Volodymyr Zelenskiy. A trader said Black Sea attacks had quieted and talks seemed to be moving in a more positive direction.
3. Export disruptions
Russia and Ukraine have increased attacks on each other’s grain vessels in recent months, sending global prices higher. The governor of Russia’s Krasnodar region declared a state of emergency over Ukrainian drone attacks that have inhibited grain exports, allowing affected parties to receive compensation.
