Euronext wheat steadies after lows

PARIS, April 24 (Reuters) - Euronext wheat futures consolidated on Thursday as the market found chart support following contract lows, though improving crop weather and slow exports hung over the market.

September wheat BL2U5, the most active position on Euronext, was up 0.1% at 207.75 euros ($235.80) a metric ton by 1549 GMT.

It earlier fell to a contract low of 206.25 euros, also the weakest price for a second-month contract BL2c2 since late August.

Front-month May futures BL2K5 were also up 0.1% at 209.00 euros, holding above Tuesday's contract low of 206.75 euros.

Chicago wheat Wv1 edged lower, with timely rain in the southern U.S. Plains pressuring prices and stifling support from a rally in soybeans. GRA/

"Despite bullish moves in soybeans driven by U.S.-China trade optimism, wheat and corn remain under pressure due to strong production prospects and limited fresh demand," British merchant ADM Agriculture said in a note.

"Technical levels offer potential support, but without fresh bullish catalysts or weather scares, wheat and corn may drift sideways-to-lower," it said.

After falling from a 3-1/2 year high against the dollar at the start of the week, the euro EUR= regained ground on Thursday to remain a drag on the competitiveness of Western European wheat. FRX/

In France, three vessels carrying just over 100,000 tons of wheat left Rouen for Morocco in the past week, data from the port showed, reflecting the importance of sales to the country in a dire export season for French wheat.

There was also talk that Russian shipments this month were higher than expected.

“There is talk Russia’s wheat exports could rise to over 2 million tons in April, with large shipments including to Turkey and Iran,” a German trader said.

Cheap offers of new-crop Ukrainian wheat, meanwhile, were being mentioned. Up to 60,000 tons of 11.5% protein wheat was offered for July shipment at around $230 FOB Ukrainian ports but with buyers seeking only around $220.

Improving crop conditions in Western Europe and Russia have revived concerns about stiff export competition for the upcoming season.

In a sign that the return of rain this month has helped crops, Germany's association of farm cooperatives raised slightly its forecast of the 2025 German wheat crop to 21.41 million tons, up 15.7% from last year.

($1 = 0.8811 euros)