EU wheat higher with weather and exports in focus

PARIS, Jan 23 (Reuters) - Euronext wheat rose on Friday in step with Chicago futures as severe cold in United States and Russia raised the risk of crop damage, while export news pointed to steady international demand, traders said. March milling wheat (BL2H6) , the most active position on Euronext’s Paris-based futures, settled 0.8% up at 191.00 euros ($225.13) a metric ton, leaving it almost unchanged over the week. Chicago wheat (Wv1) rose for a second day to its highest in over a week. (GRA/) Extreme cold forecast in the United States in the coming days has stirred fears of crop losses in fields lacking snow cover, while in Russia a prolonged spell of deep frosts led consultancy Sovecon to warn on Thursday it could cut its forecast for Russia’s 2026 wheat crop. In exports, weekly U.S. export sales showed a bigger-than-expected volume for wheat. In France, a vessel is due to load close to 60,000 tons of wheat for Egypt, LSEG data showed, illustrating the recent competitiveness of French wheat. (GRAIN/SHP/FR) The news follows market talk that two cargoes of French wheat were sold to Egypt last month for shipment in early 2026, with traders noting that war escalation and harsh winter weather in the Black Sea had eroded Russia’s price advantage in Egypt. “It is a bit of good news for the west EU, but realistically the Black Sea still dominates in the Egyptian market,” a German trader said. French 11.5% protein wheat for February shipment was on Friday quoted at about $246 a ton, cost and freight (c&f) included, to Egypt. This was about the same as Ukrainian wheat but about $1 cheaper than Russian and $5 cheaper than Romanian. In Morocco, the European Union’s biggest wheat export market, traders were cautious about demand given stiff competition from Argentina, as well as the prospect that abundant rainfall will boost Morocco’s next harvest. “We might face a situation where they cut back on imports,” a French trader said of Morocco. In barley, a vessel was due to load in France next week bound for Algeria, the LSEG data showed. While French barley has been in strong demand overseas this season, the scheduled loading for Algeria surprised traders given diplomatic tensions between Paris and Algiers that have halted wheat trade. ($1 = 0.8484 euros)