HAMBURG, June 19 (Reuters) - Euronext wheat was firmer on Monday, consolidating after Friday's near six-week high as a U.S. holiday deprived the market of impetus and traders awaited results from a tender by major importer Algeria.
September wheat on the Paris-based Euronext exchange was up 0.4% at 239.75 euros ($261.74) per metric ton at 1431 GMT, holding below Friday's peak of 243.25 euros.
Euronext was buoyed last week by a weather-fuelled rally in Chicago futures, as well as hot, dry conditions across northern Europe.
But storm showers in France at the weekend and widespread rain forecast this week in Europe have tempered concerns about crop stress in the run-up to summer harvesting, dealers said.
The European Union's crop monitoring service lowered its monthly forecast of this year's EU soft wheat yield citing adverse weather, though the estimate remained above last year's level.
A tender being held on Monday by Algeria, a major export outlet for EU wheat, was being watched for signs of competition from Black Sea origins including Russia.
There were sharper price moves in Euronext rapeseed as the oilseed market retreated from Friday's two-month peak.
Rapeseed climbed last week on the back of weather concerns for U.S. soybeans.
"It was a speculative rally tracking soybeans and soybean oil," a futures dealer said. "We have a heavy supply context in European rapeseed and a large crop coming."
August rapeseed was down 2.1% at 463.25 euros a metric ton.
Continued dryness in north Germany, the country’s main production region for exports, continued to cause concern.
“A good volume of rain fell in east Germany in past days which has helped to relieve concern there but northern regions including Schleswig-Holstein, parts of Mecklenburg-Vorpommern and Lower Saxony hardly received anything,” one German trader said.
“Actual dryness damage now is now feared in the north." (Reporting by Michael Hogan and Gus Trompiz Editing by Mark Potter)
