Euronext wheat pared gains in choppy trading on Thursday to come off a two-week high as a Reuters report that Kyiv had proposed a truce in attacks on civilian targets in the Black Sea tempered concerns about disruption to massive Russian and Ukrainian wheat exports, traders said.
December wheat, the most active position on Euronext, was up 0.1% at €233.25 ($269.08) a metric ton by 1541 GMT, after touching its highest since July 30 at €237.25.
September futures were again more volatile. The front-month contract earlier rose as much as 3.7% to its highest since July 31 at €228.75, before reversing course following the report of Ukraine's Black Sea ceasefire offer.
The contract later steadied and was last up 1.4% at €223.50.
Weeks of attacks on shipping by Russia and Ukraine, in a latest escalation in their 4-1/2-year-old war, have reduced shipments.
Market concerns deepened on Wednesday when a Ukrainian strike on Russia's Novorossiysk port forced two major grain terminals to halt operations and there were fresh worries on Thursday when a third grain terminal at Novorossiysk suspended operations, according to its owner Delo Group.
Prices at 1541 GMT | |||
Last | Change | Pct Move | |
Paris wheat | 233.25 | 0.25 | 0.11 |
Paris maize | 251.75 | 3.75 | 1.51 |
Paris rapeseed | 540.25 | 3.50 | 0.65 |
CBOT wheat | 655.25 | 2.50 | 0.38 |
CBOT corn | 474.00 | -6.75 | -1.40 |
CBOT soy | 1185.00 | 1.75 | 0.15 |
WTI crude oil | 82.44 | -0.83 | -1.00 |
Euro/dollar | 1.15 | 0.00 | 0.10 |
Most active contracts - Wheat, corn and soy U.S. cents/bushel, Paris futures in euros per metric ton |
($1 = 0.8669 euros)
(Reuters)