European Wheat Prices Remain High on Russia Concerns

Wheat prices in Europe lingered above 220 euros a ton on concerns related to Russia's drought.

November milling wheat fell 0.50 euros, or 0.22% to 223 euros a ton at 5:41 am EDT on Euronext, Reuters reported. Prices rose almost 7% in the previous session.

Russia has said that it will ban grain and flour exports from Aug. 15 until Dec. 31 after drought and wildfires destroyed huge areas of crops. There is also speculation that Ukraine and Kazakhstan will also impose export controls.

"There are doubts about the whole Black Sea zone," one futures dealer told Reuters.