wheatmarket

Euronext wheat falls as traders take profits after a four-week high
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Euronext wheat prices fell on Friday, as traders booked profits after hitting their highest level in four weeks, while continuing to monitor the fallout from war-related disruptions to grain shipments via the Black Sea.

The December wheat contract on Euronext, the most actively traded, slid 1.10% to €238.25 per metric ton, after reaching its highest level since 24/07 at €242.00 on Thursday.

September futures fell more sharply, down 1.70% to €223.50 per ton, as market participants continued to exit the contract nearing expiry.

Chicago wheat also declined after reaching a four-week peak on Thursday.

Mutual attacks between Russia and Ukraine on shipping routes have brought near-total stoppage to grain exports from the Sea of Azov and the Black Sea.

Traders pointed to a notable decline in Friday’s reports regarding damage to vessels and ports, as the market awaits further evidence of buyers turning to alternative sources for Russian and Ukrainian grain supplies.

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