European milling wheat climbs 1.2% to €249.25 per metric ton amid Black Sea shipping disruptions
Benchmark December milling wheat rose on Monday as buyers substituted Russian and Ukrainian grain from the Black Sea region with supplies from Europe, Egypt, Sudan, and West Africa following ongoing port attacks.
European wheat prices increased by 1.2% to €249.25 ($289.78) per metric ton on Monday as buyers sought alternative sources for grain shipments after disruptions in the Black Sea region. Benchmark December milling wheat on Paris-based Euronext closed at this level, though the price remained below the weekly high of €256.75 per ton hit earlier in the week. Recent diplomatic meetings involving US envoys Jared Kushner and Steve Witkoff with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy in Moscow and Kyiv failed to secure a breakthrough for resuming seaborne exports. Tit-for-tat attacks by Russia and Ukraine on their ports have nearly halted Black Sea grain shipments, forcing EU buyers to pivot toward new markets including Egypt, Sudan, and West Africa. French sellers secured several contracts with these nations to replace lost volume from the conflict zone. Meanwhile, a large tender for 535,000 tons of wheat from Saudi Arabia was canceled due to high costs. Some importers in the Middle East and Asia are also adjusting their procurement strategies as supply chains remain uncertain.
