European wheat prices hit new highs
European wheat prices have soared to record levels due to ongoing tensions in the Black Sea region and disruptions to shipments from Russia and Ukraine, leading to increased demand for alternative sources within the European Union. The price of wheat on Euronext for nearby contracts reached a two-year high at €256.75 per ton, while wheat prices on the Chicago Mercantile Exchange hit their highest in three and a half years. This situation is putting pressure on importers and raising global food costs. The ongoing developments suggest the possibility of further price increases due to supply shortages and instability in Black Sea ports.
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