Euronext wheat eases as focus shifts to USDA data

PARIS, Aug 8 (Reuters) - Euronext wheat ended lower on Friday as a rebound in Chicago faded and participants turned their attention to U.S. government crop forecasts early next week.

September wheat BL2U5 on Euronext settled 0.4% lower at 196.50 euros ($229.20) a metric ton, while December BL2Z5 ended 1.0% lower at 199.50 euros a ton.

Chicago wheat Wv1 eased in U.S. trading after Thursday's export-fuelled rebound from a five-year low. GRA/

After September futures on Euronext almost reached a contract low this week while December set a new contract low, the market found some support from short-covering on the front month.

But supply pressure persisted ahead of monthly U.S. Department of Agriculture supply-and-demand projections due on Tuesday, closely watched for revisions to U.S. corn and soybean production forecasts.

"Oversold technical conditions, tight cash markets, and uncertainty around next week’s USDA report could trigger short-covering," British merchant ADM Agriculture said in a note.

"Until then, futures remain vulnerable, with corn anchoring broader grain markets amid a mounting global surplus."

Consultancy IKAR said on Friday it had raised its 2025 Russian wheat crop forecast, supporting expectations that harvest results were improving in the world's biggest wheat exporter after disappointing early reports.

In France, the farm ministry increased its estimate of the main wheat crop, confirming a sharp rebound from last year, though it forecast a smaller maize crop as hot, dry weather was seen affecting yields.

Farm office FranceAgriMer separately estimated that farmers had harvested 94% of this year's soft wheat crop.

($1 = 0.8573 euros)