HAMBURG: European wheat futures fell on Monday, hit by increasing expectations that the safe shipping channel for Ukraine’s grain exports will continue to operate, traders said.

A firm euro, which makes EU wheat less competitive in global markets, also pressured prices, they added.

Benchmark December wheat on the Paris-based Euronext exchange unofficially closed down 1.4%, or 5.00 euros, at 345.75 euros ($340.32) a tonne.

Russia’s deputy defence minister and the UN Secretary General discussed the possibility of extending the shipping corridor deal on Monday.

“The corridor is driving the market for the moment,” a trader said. “There is a sentiment that it will be extended beyond November but there is nothing more uncertain.” Wheat markets have been grappling with mixed indications over the UN-backed shipping corridor, which has allowed Ukraine’s exports to pick up despite its war with Russia.

Ukrainian grain exports in the first 17 days of October were just 2.4% lower than in the same period of 2021.

German traders were closely watching events in Ukraine.