EU wheat scores first weekly gain in four weeks

PARIS/HAMBURG, March 14 (Reuters) - European wheat prices edged lower on Friday, weighed down by competition from the Black Sea region and a decline in U.S. markets but prices still recorded their first weekly gain in four weeks.

The benchmark May milling wheat contract on Paris-based Euronext closed 1.2% lower at 223.25 euros ($242.94) per metric ton, marking a weekly increase of 0.8%.

Chicago wheat prices Wv1 were down 0.9% by the same time but were also poised to record a weekly gain.

"Russian and other Black Sea prices are ending the week below the west EU," one German trader said. “This is disappointing as French wheat had been looking cheapest to important markets like Egypt.”

Traders said Russian and Ukrainian 11.5% protein wheat was on Friday around $239-$243 a ton FOB for April shipment, about $6-$7 cheaper than French.

Romanian wheat was about the same as French, with recent strong Romanian export sales supporting prices, traders said.

Traders also noted greater interest in Ukrainian wheat, with hopes moves towards a ceasefire will ease shipments, while a large part of Algeria’s wheat purchase on Wednesday could be sourced from Ukraine.

For Italian buyers, Ukrainian 11% milling wheat was quoted at around 245-255 euros a ton including delivery to north Italy.

Ukrainian farmers are planning to sow 5.7 million hectares of spring grains this year, nearly the same area as in 2024, according to Ukraine’s Agriculture Minister Vitaliy Koval.

Ukraine traditionally grows winter crops, with winter wheat accounting for about 95% of the country's wheat production. For the 2025 harvest, farmers have sown 5.24 million hectares of winter grain, with wheat being the dominant crop.

($1 = 0.9189 euros)