EU Wheat Drops as Focus Shifts to Ukrainian War, Argentinian Exports

Euronext wheat fell on Thursday after a four-day rally as an Algerian import tender pointed to competition from Argentina, while more peace talks planned between Russia and Ukraine kept attention on eventual de-escalation in the Black Sea export zone.

December wheat on Euronext settled 1.6% down at €232.50 ($257.05) a metric ton after the day session.

On Wednesday, the contract had risen to a three-week high of €237.25, capping a rebound from last Friday's four-month low of €218.50.

Signs of brisk demand for French wheat and a reduced US government outlook for corn supply had supported the recovery in Euronext prices this week.

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