EU wheat slips as ample supply offsets Black Sea war upheaval

Euronext and Chicago futures hit two-year highs in late July as a surge in attacks on ships, ports and export terminals in the Black Sea started to hamper shipments.

Traders have been fearing in particular a halt to massive wheat exports from Russian deep-water ports.

But with shipments continuing from Russian ports and from Ukraine through alternative export routes, a backdrop of large global supplies has kept prices in check, traders said.

"The market is not pricing a shortage in three months' time," a futures trader said. "There is logistical disruption but grain is available."

Traders said disruption to Black Sea shipping influenced the outcome of an Algerian wheat tender on Wednesday, with the importer expected to receive little or no Russian wheat as part of a purchase estimated by traders at 540,000 to 720,000 metric tons.