Euronext Wheat Climbs as Black Sea Risks Counteract Tepid Demand

Benchmark wheat futures on the Euronext exchange edged higher Tuesday as traders weighed persistent supply risks in the Black Sea region against signs of sluggish global demand.

Market Snapshot

The most-active December wheat contract on Euronext settled 0.6% higher at €235.75 ($272.95) per metric ton, according to exchange data. The contract remains below a two-week high reached on Friday.

Tuesday's session also involved technical adjustments, with market participants rolling out of the front-month September contract following the expiry of options on Monday. The September contract closed 0.9% lower at €223.25 per ton.

Black Sea Tensions Support Prices

Market sentiment was influenced by ongoing disruptions to grain shipments from the Black Sea. Weeks of attacks by both Russia and Ukraine on each other's port infrastructure have created significant uncertainty for supply chains.

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Unconfirmed reports circulating on Tuesday of strikes against grain carriers near Russian ports kept the focus on these geopolitical risks, providing support for prices. However, traders noted limited evidence of major importers shifting to alternative sources, such as Western European wheat, to replace Black Sea supplies.

Weak Demand Caps Gains

The price advance was capped by persistent concerns over weak export demand. Data from the European Union underscored this bearish factor, showing that the bloc's soft wheat exports have lagged significantly.

Key figures from the EU report include:

• Soft wheat exports for the 2026/27 season, which began July 1, totaled 1.48 million tons.
• This figure is down 49% compared to the same period in the previous year.