EU wheat jumps after Ukraine attacks grain terminals in major Russian export port
A futures broker said, “If the fighting persists in the Black Sea with the logistical problems, then it will be pretty bullish for wheat.”
This photograph shows smoke rising in the distance following a Russian air attack, in Kyiv on Aug 12, 2026, amid the Russian invasion of Ukraine. (Photo:
AFP/Roman Pilipey)
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PARIS: Euronext wheat rose on Wednesday (Aug 12), rebounding from four-week lows on Tuesday (Aug 12), as Ukrainian attacks on Russian grain export terminals heightened concern about disruption to massive Black Sea shipments.
Gains were mostly more moderate than for Chicago wheat Wv1, with traders and analysts citing weak export demand in Western Europe and an already large long position held by investment funds in Euronext wheat.
Price strength continued after the US Department of Agriculture’s August world supply-and-demand report.
December wheat BL2Z6, Euronext’s most active position, rose 2.2 per cent to €232.50 (US$268.35) a metric ton at 4:34pm GMT (Thursday, 00:34am, Singapore time).
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Two of Russia’s biggest grain terminals in Novorossiysk suspended operations following Ukrainian drone strikes, threatening Russia’s huge wheat exports to world markets and possibly transferring importer purchases to other regions.
“If the fighting persists in the Black Sea with the logistical problems, then it will be pretty bullish for wheat,” a futures broker said. “But for now there’s the idea that port silos in France are full, demand is lacking and there’s no switching yet from Black Sea towards Western European supplies,” he said.
Euronext September wheat BL2U6 climbed more sharply, adding 2.9 per cent to €219.50 a ton.
“Will the war now cut Russian wheat exports long term is being asked,” one German trader said.
The front-month contract had fallen sharply at the start of the week and traders said there may have been some short-covering as participants continue to exit the contract ahead of the Aug 17 expiry of options against September futures.
“Euronext was supported by news about Ukraine’s attacks on grain terminals in Novorossiysk,” said CM Navigator analyst Donatas Jankauskas. “No one wants to be caught with a short with this kind of Black Sea headline risk. It looks like the Black Sea news has generated some short covering today.”
Source: Reuters/fs
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