PARIS: Euronext wheat pared gains in choppy trading on Thursday to come off a two-week high as a Reuters report that Kyiv had proposed a truce in attacks on civilian targets in the Black Sea tempered concerns about disruption to massive Russian and Ukrainian wheat exports, traders said.
December wheat, the most active position on Euronext, was up 0.1 percent at €233.25 (USD269.08) a metric ton by 1541 GMT, after touching its highest since July 30 at €237.25.
September futures were again more volatile. The front-month contract earlier rose as much as 3.7 percent to its highest since July 31 at €228.75, before reversing course following the report of Ukraine’s Black Sea ceasefire offer.
The contract later steadied and was last up 1.4 percent at €223.50.
Weeks of attacks on shipping by Russia and Ukraine, in a latest escalation in their 4-1/2-year-old war, have reduced shipments.
Market concerns deepened on Wednesday when a Ukrainian strike on Russia’s Novorossiysk port forced two major grain terminals to halt operations and there were fresh worries on Thursday when a third grain terminal at Novorossiysk suspended operations, according to its owner Delo Group.
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