GRAINS-Wheat eases from 4-month highs on US dollar strength

Adds analyst comment, updates prices

CANBERRA, Feb 18 (Reuters) - Chicago wheat futures fell on Tuesday as the U.S. dollar strengthened, but prices remained near Friday's four-month high as cold weather threatened crops in the Black Sea and U.S. Plains regions.

Corn and soy futures also slipped.

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 1% at $5.94-1/4 a bushel at 0540 GMT after a burst of short covering pushed the contract to $6.03 on Friday, its highest since October 11.

CBOT corn Cv1 fell 0.5% to $4.94 a bushel after rising to $5 on Friday for the first time since October 2023.

Soybeans Sv1 slipped 0.9% to $10.26-3/4 bushel, having drifted from a 6-1/2-month high of $10.80 earlier this month.

Corn and wheat supply is expected to tighten in the coming months but soybeans are projected to be more plentiful.

Also supporting prices are relief that U.S. President Donald Trump has not yet unleashed tariffs on agricultural trade and a weakening U.S. dollar, though that weakening halted on Tuesday. .DXY FRX/

A lower dollar makes U.S. farm exports more competitive.

The rallies have got ahead of themselves, said Ole Houe, director of advisory services at IKON Commodities in Sydney.

"The physical market overseas is not following this rally. I suspect prices will fall over the next couple of days," Houe said, adding that there was enough fundamental support that not all recent gains would be lost.

Wheat export prices in Russia, the world's biggest supplier, logged a fourth consecutive weekly gain last week amid declining shipments as an export quota entered into force, analysts said.

Cold temperatures in Russian and U.S. wheat areas could damage dormant crops that lack insulating snow cover, analysts say, with consultants IKAR trimming their forecast for Russia's 2025 grain crop last week.

The condition of France's wheat crop has also worsened sharply due to wet winter weather, data from farm office FranceAgriMer showed.

In other crops, weekend rains in Argentina helped to prevent further losses in 2024/25 soybean and corn crops that have already shrunk due to drought, the Rosario grains exchange said.

Brazil's massive 2024/25 soybean harvest was 23% complete as of last Thursday, agribusiness consultancy AgRural said, lagging last year's pace.