PARIS: Euronext wheat was set to finish 2022 with an 11.5% annual rise, after a year in which the market hit record highs before pulling back sharply as war in Ukraine disrupted vital Black Sea trade.

March wheat on Paris-based Euronext was up 0.8% at 310.50 euros ($331.18) a tonne by 1545 GMT on Friday in light volumes.

That put front-month prices up 11.5% over the year, marking a third consecutive annual gain.

Paris futures touched an all-time high of 450 euros in March after Russia’s invasion of Ukraine curbed supplies from two of the world’s biggest cereal exporters.

Prices fell back in recent months as the creation of a wartime shipping corridor from Ukraine and a record Russian harvest revived Black Sea trade.

A purchase of 200,000 tonnes of Russian wheat by Egypt this week illustrated Black Sea competition.

Traders said a Turkish buyer on Friday offered to buy 25,000 tonnes of Ukrainian 12% protein milling wheat at $305 a tonne c&f free out for January shipment to the Marmara Sea.