European wheat gains amid Black Sea export challenges
Global wheat prices have risen due to ongoing tensions in the Black Sea region, which have affected exports from Russia and Ukraine—two of the world's largest wheat exporters—following attacks on ships and ports, and disruptions to navigation across the Black Sea. Futures contracts for wheat on Euronext increased by 0.9%, reaching approximately $280 per ton, and stabilized at this higher level after a previous decline. Wheat prices on the Chicago Mercantile Exchange also rose by around 2%. Forecasts for wheat production in the United States, Europe, and Australia are now expected to decline by between 25% and 30% in 2026, threatening to exacerbate challenges in meeting global demand. Consumption is projected to surpass supply by 0.8% during the 2026-2027 season, as costs for alternative sources rise. Additionally, risks to global food supply security are escalating due to disruptions in Black Sea exports.
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