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European wheat prices climb amid Black Sea tensions
Wheat prices have risen on both Eurex and Chicago exchanges due to deteriorating hopes for a ceasefire between Russia and Ukraine in the Black Sea, amid exchanges of drone attacks and targeting of ports and ships. This has weakened export expectations for grains from the region and increased concerns over shipping declines across the Black Sea. At the same time, importers' purchases have increased, with Pakistan buying 365,000 tons of wheat and issuing a tender for an additional 185,000 tons. Meanwhile, farmers are holding back from selling their crops out of fear that prices may fall if an agreement is reached to secure maritime shipping.
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