European wheat prices drop on export hopes
Wheat prices in Europe have declined due to complications related to the resumption of grain exports via the Black Sea. Market assessments indicate cautious signs of progress in opening trade routes, despite increasing attacks and Russian export restrictions. Turkish President Recep Tayyip Erdoğan stated that Turkey has intensified its efforts to reopen the grain corridor and received a positive response from Ukrainian President Volodymyr Zelensky regarding this matter. The deteriorating situation led to a 0.6% drop in durum wheat prices on Euronext in Paris, down to €239 per ton, after hitting the lowest level of the month amidst tensions caused by attacks on grain ships and escalation in the Russia-Ukraine conflict. This has led to a global rise in prices and diminished export attempts.
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