PARIS/HAMBURG: Euronext wheat extended a rally on Tuesday to a nearly one-month high as further attacks on vessels in the Black Sea kept concerns elevated about war disruption to exports.
Gains were curbed, however, by a steadying in the euro after it hit a 17-month low against the dollar and by signs that Russia was expanding shipments through Baltic Sea ports.
December wheat on Euronext was up 0.3 percent at €246.50 (USD277.68) a metric ton by 1542 GMT, rising for a fourth straight session. It earlier hit its highest since September 9 at €248.
Chicago wheat also edged up. Two merchant ships, including one carrying grain, were hit on Tuesday in a drone strike in the Black Sea off Bulgaria.
That came after another vessel was struck on Monday outside Romania’s territorial waters. After tit-for-tat attacks by Russia and Ukraine that choked each other’s Black Sea exports, the latest incidents raise the risk of disruption to Ukrainian exports via Danube river ports and a potential threat to Romanian and Bulgarian waters, according to traders.
“There are no indications of a deal to allow Russian and Ukrainian Black Sea ship-borne exports to resume, and the attacks on ships and infrastructure continue,” one German trader said.