EU wheat hits new lows as exports and weather weigh

PARIS, March 28 (Reuters) - Euronext wheat fell on Friday to fresh multi-month lows as a firmer euro added to export concerns and forecast rain in the U.S. and the Black Sea region eased crop worries.

May wheat BL2K5 on Euronext was down 0.2% at 217.75 euros ($235.65) a metric ton by 1701 GMT.

It touched a one-year low of 215.00 euros after slipping below Thursday's seven-month low.

December wheat BL2Z5, widely used as a benchmark for new-crop prices, was down 0.8% at 224.25 euros, after reaching its lowest in nearly four months at 222.50 euros.

"At this point, it seems that very little weather risk premium is priced in, with funds maintaining their large net short positions," CM Navigator analyst Donatas Jankauskas said in a note.

"But as always, weather will ultimately have the final say."

Chicago wheat Wv1 dropped to its weakest level in eight months, with low weekly U.S. export sales and an improved rain outlook in the U.S. Plains pressuring prices. GRA/

In Europe, a rebound in the euro EUR= against the dollar and sparse international demand have disappointed traders.

"The stronger euro is bad news for export prospects as French stocks in my view need to be reduced before the new harvest and the west EU does have a price advantage over the Black Sea after this week's Euronext fall," a German trader said.

The Eid holiday in Muslim countries next week was expected to curb import activity in major wheat markets in North Africa and the Middle East.

Russian 11.5% wheat for April/May delivery rose about $2 a ton to $244-$247 a ton FOB, with French prices about $4-$6 a ton cheaper depending on Euronext moves, traders said. Ukrainian, Romanian and Bulgarian wheat was about $3-$5 cheaper than Russian but still currently above west EU prices, traders said.

Ukrainian wheat, including new crop, was meanwhile offered at low prices inside the EU, traders said.

Ukrainian 11% protein milling wheat was quoted at 243-245 euros a ton including prompt delivery to north Italy. Ukrainian new crop feed wheat was around 211-213 euros a ton including delivery to north Germany.

In France, soft wheat crop ratings held steady last week and remained above last year's rain-hit levels, data from farm office FranceAgriMer showed.

($1 = 0.9240 euros)