PARIS, March 21 (Reuters) - Financial markets operator

CME Group ( CME ) is working on plans for a Black Sea wheat

futures contract tracking Romanian and Bulgarian prices,

European traders said.

CME, which has U.S. corn, wheat and soybean futures that act

as global price benchmarks, suspended trading in its previous

Black Sea wheat futures based on a Russian price index following

the full-scale invasion of Ukraine.

While Russia and Ukraine are much larger wheat suppliers,

the export role of European Union members Romania and Bulgaria

has expanded in recent years.

The new product would be linked to an index of export prices

for 12.5% protein wheat in the "CVB" zone that comprises the

Romanian port of Constanta and the Bulgarian ports of Varna and

Burgas, traders said.

A draft document seen by Reuters showed that the futures

would be cash-settled, rather than physically deliverable,

priced in U.S. dollars and traded in 50 metric ton lots.

Traders, citing CME consultations, said the expectation was

that the product could be launched in time for trading this

summer's harvest.

However, it was not known if CME had decided to proceed or

if proposed contract specifications could be modified, they

added.

"We are always talking to our clients and the industry about

risk management needs, but can't comment on whether or not we

are developing any particular product," a CME spokesperson said.

Like rival Euronext, CME has been exploring how to

develop in the Black Sea region for years, with traders saying

it has been considering options including Romania since the war

in Ukraine.

On top of good harvests and competitive prices, war-related

risks affecting Russian and Ukrainian supplies and a dire

harvest last year in top EU producer France have increased buyer

interest for Romanian and Bulgarian wheat.

At the same time, U.S.-led efforts to negotiate a ceasefire

have raised the prospect that market conditions may stabilise

again in Russia and Ukraine.

CME has unveiled several new grain products in recent

months, including U.S. spring wheat futures due to launch next

month and contracts for trading price spreads between CME and

Euronext futures that launched in October.