PARIS: Euronext wheat extended gains on Wednesday to post more contract highs, with traders seeing little sign of de-escalation of hostilities in the Black Sea region to alleviate a near-halt to Russian and Ukrainian shipments there.
Firm prices for crude oil and corn also supported buying in wheat, traders said.
December wheat on Euronext was up 1.3 percent at €256.75 (USD297.57) a metric ton by 1705 GMT.
It earlier reached €259.25, surpassing a previous life-of-contract peak from Tuesday to set a two-year high for a second-month price.
Chicago wheat rose to a 3-1/2-year high.
Attacks in recent weeks brought grain loadings at Russian and Ukrainian Black Sea ports to a virtual halt, increasing pressure on importers to seek alternatives.
Hopes of de-escalation, nurtured by Turkish efforts to broker safe passage for grain trade, have been dampened by Russia’s rejection of a grain deal and continued attacks by Moscow and Kyiv on each other’s ports and shipping.
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