Paris wheat falls as impact of Black Sea attacks assessed
WEAT•Ports and logistics remain in focus
Euronext had fallen sharply on Friday on reports Ukraine was discussing possible mechanisms to keep vessels moving through its major export ports, raising hopes that Ukrainian grain exports may avoid a major disruption following Russian drone and missile attacks on ports and shipping. But Ukraine later denied the report.
Russian and Ukrainian attacks continued over the weekend, with traders relieved Ukraine had not hit the huge grain export terminals at Russia’s Black Sea port of Novorossiysk and that wheat export ports in both countries appeared to have escaped major harm.
“Russia’s port grain terminals were generally not hit and this is a great relief, but there are fears the logistics chain feeding them may have been disrupted,” one trader said. “This may slow Russian exports and support wheat prices.”
Harvest progress and Rhine shipping also watched
Traders were also watching fast progress in EU wheat harvests in mostly favourable dry weather in several countries including Germany.
But, dryness also meant falling water levels on Germany’s river Rhine hindered shipping of freight including grains, with vessels only able to sail part-loaded.
European wheat futures fall as traders assess Black Sea attacks
HAMBURG, July 27 (Reuters) - European wheat futures fell on Monday, as traders assessed the impact of Ukrainian and Russian attacks on ports and shipping, with major grain export terminals in the two countries apparently escaping major damage.
Front-month September milling wheat <BL2U6> on the Paris-based Euronext exchange was down 0.7% at €231 ($262.65) a metric ton at 1443 GMT after moving in and out of positive territory in afternoon trade.
