EU wheat rises on euro weakness, Chicago highs

PARIS, Dec 30 (Reuters) - European wheat futures rose on Monday in light year-end trade, supported by renewed weakness in the euro and earlier gains for Chicago grains, dealers said.

Benchmark March milling wheat BL2H5 on Paris-based Euronext was up 0.4% at 233.75 euros ($242.68) per metric ton by 1649 GMT.

The contract earlier reached its highest in almost two weeks at 235.25 euros.

Euronext will close early on Tuesday and remain shut on Wednesday for the New Year holiday.

Chicago wheat Wv1 also touched a two-week top on Monday while U.S. corn Cv1 struck another six-month peak, before turning slightly lower as the dollar rose. GRA/

Corresponding weakness in the euro, which fell back towards a two-year low against the dollar, helped Euronext prices.

A backdrop of unfavourable crop conditions in Russia, and expectations that the country's exports will slow, continued to underpin Euronext prices.

Conditions for winter wheat crops will worsen in Russia's Central and Volga areas in January, the state weather agency said on Saturday.

However, export competition remained a curb on Euronext.

Supplies from the Black Sea region, including Russia, were still picking up large sales, while wheat from Argentina and Brazil was adding to overseas competition, dealers said.

Purchases by Algeria and Egypt reported last week provide demand impetus for the wheat market, but the large volumes cited may keep the major importers out of the market in the coming weeks when Russian competition ebbs, dealers added.

($1 = 0.9632 euros)

(Reporting by Gus Trompiz;)

((gus.trompiz@thomsonreuters.com))