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PARIS: Euronext wheat eased on Wednesday, consolidating after a fresh two-year high, as US futures turned lower and traders waited to see how a grain rally fuelled by South American supply risks would affect export demand.

March milling wheat on the Paris-based Euronext settled down 1.75 euros, or 0.8%, at 216.00 euros ($265.59) a tonne. It had earlier reached 219.00 euros, a new life of contract peak and the highest spot price since August 2018.

Chicago wheat fell after a six-year high on Tuesday.

Traders said technical indicators called for a pause in the rally and that US corn's failure to hold above the $5 threshold was encouraging the consolidation move.

Amid nervousness about dry crop weather in South America and a suspension of corn exports by Argentina, investors were turning their focus towards next week's US Department of Agriculture (USDA) global crop report to see how the agency would adjust its South American forecasts. The wheat market was also awaiting the resumption of activity in Russia after this week's new year holiday to gauge the impact of a planned export tax. On the physical market in France, the run-up in prices curbed interest from grain buyers, although there was renewed chatter about interest from Chinese importers, traders said.