Wheat Prices Decline in Europe

Wheat prices in Europe declined on Tuesday. Despite Russia continuing to restrict the movement of grain-carrying vessels in the Sea of Azov, according to traders' assessments, the impact of this factor on prices has already been reflected in the market.

On the Paris Euronext exchange, the price of wheat for September delivery fell by 0.6% and reached €228 per ton.

Russia restricted navigation in the Sea of Azov after Ukrainian drones attacked several Russian grain-carrying vessels. Approximately 25% of Russia's grain exports are conducted via this route, which is why market participants are closely monitoring developments in the Black Sea region.

Meanwhile, attention was also focused on a meeting between Donald Trump and Volodymyr Zelensky in Washington, as expectations were high regarding whether an announcement would be made about safe grain exports through the Black Sea.

According to SovEcon, a consulting company specializing in Black Sea regional markets, navigation in the Sea of Azov will not fully recover in the coming weeks, though an improvement in the situation is expected later in the season.

Source: Investing.com