European wheat futures advanced on Monday after diplomatic efforts by United States envoys yielded no breakthrough to restore maritime grain corridors through the Black Sea. Benchmark December milling wheat on Euronext Paris closed up 1.2 percent at 249.25 euros a tonne.
Mediation fails to lift maritime impasse
United States peace envoys Jared Kushner and Steve Witkoff held talks over the weekend with Russian President Vladimir Putin in Moscow and Ukrainian President Volodymyr Zelenskyy in Kyiv. Mutual attacks by Russia and Ukraine on ports and shipping traffic have effectively paralyzed Black Sea grain exports from both countries, tightening availability across global markets.
The visit did not produce a breakthrough that would enable the resumption of Ukrainian and Russian maritime grain shipments, an unnamed German trader said, according to Reuters. Trade flows remain halted.
Gains extend across European agricultural trade
Other agricultural contracts on the Paris market also logged modest gains at Monday’s close. Rapeseed rose 0.5 percent to 554.75 euros a tonne. Corn prices added 0.09 percent to finish at 268 euros a tonne in subdued European trading hours.
Market participants monitored international import demand as price sensitivity surfaced in key destinations, including North Africa and the Middle East where nations such as Egypt and Sudan rely heavily on regional shipments. Saudi Arabia cancelled a tender for 535,000 tonnes of wheat, citing price levels. Trading volumes were thinner than usual as the Chicago Mercantile Exchange remained closed on Monday for the Labor Day holiday.
Source: an unnamed German trader
