European Wheat Market Update
European benchmark September milling wheat on the Paris‑based Euronext increased 6.5% to €230.5 per metric ton (approximately $263.60) by 14:50 GMT on 15 July 2026, reaching a price level not observed since June 2025. The same contract has risen 13% since the end of the previous week after reports emerged of a possible closure of the Sea of Azov to shipping, heightening concerns about export disruptions from Russia, the world’s largest wheat supplier. The price surge of more than 6% is driven by heightened worries over Black Sea shipping routes following intensified Russian attacks on Ukraine’s deep‑water ports in the Greater Odesa area, which handle a substantial share of Ukraine’s grain and other cargo. Ukraine’s main farmers’ union reported that roughly one‑third of the country’s capacity to export grain through its Black Sea ports has been lost due to the increased frequency of Russian missile and drone strikes.