EU wheat eases as market grapples with Black Sea uncertainty

PARIS, Aug 17 (Reuters) - Euronext wheat eased on Monday after reaching a two-week peak on Friday, with traders weighing severe disruption to Black Sea exports against limited demand for pricier Western European wheat.

December wheat BL2Z6, the most-active contract on Euronext, settled down 1% at €234.25 ($271.40) a metric ton.

September futures BL2U6 settled 1.2% lower at €225.25 a ton, with the expiry of options against the contract at the end of the session also prompting adjustments.

Weeks of attacks on shipping by Russia and Ukraine on each other's ports have curtailed shipments, including at Russia's main grain export hub of Novorossiysk.

The disruption has fuelled concerns about a possible shortfall in export supplies, but traders said there were few signs yet of fresh demand for French wheat.

"There's no export demand around in France, apart from Morocco in September," a futures broker said.

Morocco, the main overseas buyer of French and EU wheat, halted imports on June 1 to prioritise its local harvest, with the suspension due to run until August 31.

A two-month high for the euro EUR= against the dollar also acted as a drag on demand for EU wheat. FRX/

Russian wheat export prices, meanwhile, fell further last week against the backdrop of shutdowns of Black Sea grain terminals and a continuing surge in freight rates, analysts said.

The drop in Russian and Ukrainian prices during the Black Sea escalation has encouraged some buyers to hold out for a maritime truce, rather than snap up alternative origins.