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LONDON: Euronext wheat fell on Thursday with an extension of a pact allowing grain shipments from Ukraine through Black Sea ports helping to ease supply concerns.

September wheat on Paris-based Euronext was down 1.4% at 222.25 euros ($244.65) a tonne at 1554 GMT, after touching a 22-month low of 221.25 euros. The two-month extension was agreed on Wednesday, a day before Russia could have quit the pact over obstacles to its grain and fertiliser exports.

The United Nations and Turkey brokered the Black Sea deal for an initial 120 days in July last year to help tackle a global food crisis that has been aggravated by Moscow’s invasion of Ukraine, one of the world’s leading grain exporters.

ING said in a note that the extension would “help ease some supply concerns in the market” while adding there would continue to be uncertainty about what would happen next.

Ukraine had sought a longer extension while Russia continues to demand more should be done to boost its own exports of grains and fertilisers. The International Grains Council on Thursday lowered its forecast for EU wheat production in 2023/24 by one million tonnes to 136.8 million.

The cut was driven by a downward revision for Spain, which has been suffering from drought, to 5.6 million tonnes from 7.0 million. In rapeseed, August futures on Euronext rose 1% to 400.50 euros, regaining some ground after sliding on Wednesday to a 30-month low of 392.75 euros.

In the maize market on Euronext, June futures fell 0.3% to 218.50 euros after setting a life of contract low of 217.50 euros a tonne. An Ascension Day holiday in much of Europe helped to subdue trade in physical markets.

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