EU wheat holds firm as Black Sea attacks continue
WEAT•Euronext December wheat rose 0.3% to €246.50 a metric ton, its fourth straight session of gains, as attacks on Black Sea vessels heightened export concerns. Russian wheat shipments through Baltic ports and a partial recovery in exports capped gains.
1. Wheat futures rise
Euronext wheat reached a nearly one-month high on Tuesday as further attacks on Black Sea vessels kept concerns elevated about war disruption to exports. December wheat was up 0.3% at €246.50 a metric ton by 1542 GMT, after earlier reaching €248, its highest since September 9. Chicago wheat also edged up.
2. Attacks raise export concerns
Two merchant ships, including one carrying grain, were hit in a drone strike off Bulgaria on Tuesday, after another vessel was struck outside Romania’s territorial waters on Monday. A German trader said there were no indications of a deal to resume Russian and Ukrainian Black Sea ship-borne exports, while describing the market’s reaction to the latest attack as “pretty restrained.”
3. Russian shipments cap gains
Traders estimated Russia exported about 265,000 tons of wheat last week, including about 255,000 tons through Baltic Sea ports, compared with 175,000 tons from the Baltic the previous week. About 8,000 tons was shipped from the Black Sea, versus Russia’s previous weekly exports of about 1 million tons through that route.
