European Union wheat rises in wake of Chicago rally

PARIS, Feb 14 (Reuters) - European wheat prices rose on Friday following a sharp bounce in Chicago sparked by investor relief that U.S. President Donald Trump did not immediately impose reciprocal tariffs globally and concern over crop weather in various parts of the world.

Benchmark March milling wheat BL2H5 on Paris-based Euronext closed 0.8% higher at 232.75 euros a metric ton.

By the same time the most traded wheat contract Wv1 on the Chicago Board of Trade was up 3.7% at $5.99 a bushel after hitting a four-month high of $6.00-1/4 a bushel.

"It's more a case of Euronext tracking Chicago where there is short-covering before the long weekend with Presidents' Day on Monday," a French trader said.

A sharp decline in French crop conditions and cold temperatures forecast in Russia and in U.S. hard red winter wheat areas were also supportive.

The condition of French soft wheat has worsened since December, data from farm office FranceAgriMer showed on Friday, fuelling concern that heavy rain is hurting crops.

First ratings on the condition of cereals in France after a winter pause showed that 73% of soft wheat was in good or excellent condition by February 10, slightly above a four-year low of 68% a year ago.

Cold spells forecast in U.S. and Russian wheat belts in the coming days are also raising concern about crop damage.

Russian attacks on Odesa port and the Chornobyl nuclear power station are causing worry of an escalation of Russian attacks on Ukraine’s transport and power infrastructure before any peace talks start, one German trader said.

"But Black Sea wheat is ending the week still much cheaper than the west EU and such importers as Saudi Arabia and Algeria are likely to buy what they want in the Black Sea much cheaper than in the west EU," he said.

Ukrainian feed wheat was offered cheaply, with quotes around 228-232 euros a ton including prompt delivery to North Germany.