Paris corn reaches seven-week high after attack on Ukrainian cargo vessel

Corn futures in Paris climbed to their highest level in seven weeks after a Russian missile strike on a cargo vessel carrying Ukrainian corn as it departed the Port of Odesa. The most-active Euronext contract rose to as much as €256.5 per ton, its highest level since May 28, extending a rally that has now lasted for seven consecutive weeks.

The market was further supported by concerns over potential supply disruptions from the Black Sea region. Ukraine is the world’s fourth-largest corn exporter, accounting for around 10% of global corn trade. The attack on the vessel heightened risks to exports and logistics, immediately boosting grain prices.

Market sentiment was also influenced by the escalation of tensions in the Middle East, which added a geopolitical risk premium to agricultural commodities. Growing uncertainty prompted traders to price in the possibility of further disruptions to global grain supplies.

At the same time, traders continue to monitor weather conditions in both Europe and the United States. While temperatures in parts of Europe are expected to ease temporarily after recent heat waves, warmer weather is forecast to return later this week. In the US, attention is focused on crop condition reports following extreme heat across key corn-growing regions.

Other agricultural markets also moved higher. Chicago corn futures gained nearly 2%, while soybean futures rose by more than 1.5%. The market’s next direction will largely depend on developments in the Black Sea, weather conditions in major producing countries and upcoming crop assessments.

Tags: Ukraine, prices, wheat, war