CORRECTED-Euronext wheat holds firm as exports weigh

PARIS, Jan 16 (Reuters) - Euronext wheat rose for a second session on Friday in step with Chicago as the market recovered from early-week lows.

March milling wheat BL2H6, the most active position on Euronext's Paris-based futures, settled 0.9% higher at 191.00 euros ($221.52) a metric ton.

Euronext tracked strength in Chicago wheat Wv1, which rebounded from a fall on Thursday. GRA/

The European market also found support from a drop in the euro EUR= to its lowest against the dollar since November.

A weaker euro makes western European grain cheaper for export, a potential boost at a time of abundant global supply including in Argentina.

In free-on-board (fob) terms, Argentine 11.5% protein wheat ended the week again the world's cheapest at $216-$220 a ton for February shipment with Russian around $223-$225. French, Romanian and Ukrainian were in a similar range between $228-$230 a ton.

But military escalation in the Black Sea, with Russia and Ukraine targeting vessels and ports in their ongoing war, has raised shipping costs there.

French 11.5% protein wheat was at around $244 a ton, cost and freight included (c&f), for February shipment to Egypt, against $245 for Russian and $247-$248 a ton c&f for Ukrainian and Romanian, a German trader said.

Traders are awaiting the outcome of a Saudi tender seeking 595,000 tons, with results expected on Monday.

The European market remained underpinned by slow selling from farmers unhappy at current prices, which was complicating export sales by merchants.

"With heavy export competition it is difficult to argue for higher prices with Poland still with large volumes of wheat which must be exported in the second half this season or put in carryover stocks," a Polish trader said.

Exporters were offering to buy Polish 12.5% protein wheat at around 815 zloty (193 euros) a ton for January/February delivery to port silos, little changed on the week.

In France, limited farmer selling coupled with steady demand from Morocco and within the European Union were keeping wheat premiums firm, according to traders.

Barley premiums remained well above wheat levels at the main export hub of Rouen, with supplies ebbing after a brisk export season including a rare shipment to Iraq this week.

In rapeseed, May futures COMK6 on Euronext ended up 0.5% at 467 euros a ton after hitting a new one-month high, as a trade agreement between Canada and China boosted Canadian prices.

($1 = 0.8622 euros)