Euronext wheat futures fell on Wednesday in step with Chicago prices as wheat markets faced renewed technical pressure after a rebound the previous session linked to stimulus measures to counter the impact of a coronavirus outbreak.

Benchmark May milling wheat on Paris-based Euronext was down 0.50 euro, or 0.3%, at 184.00 euros ($204.76) a tonne by 1727 GMT.

The contract was holding near a 2-1/2 month low of 182.75 euros struck on Monday, which was acting as a support.

Volumes were thin as market participants waited for further indications on the impact of the fast-spreading coronavirus, while farmers had reduced selling in the face of what they saw as unattractive levels, dealers said.

Chicago wheat was down about 1% in US trading, diverging from other crop futures that remained firm after Tuesday's broad rally.

Grain futures and other markets rallied after the US Federal Reserve made an emergency interest rate cut to protect the US economy from the effects of the coronavirus.

However, wheat resumed a downward trend on Wednesday, with traders again citing technical selling by investors who had built up relatively large long positions in recent weeks.

Financial investors reduced their long position in Euronext's wheat futures and options in the week to Feb. 28, ending 10 consecutive weeks of gains, data published by Euronext on Wednesday showed.

Euronext has fallen about 10 euros in the past two weeks, with the opening of chart gaps adding to selling pressure.

Lower prices in top wheat exporter Russia, amplified by a weaker rouble, and early estimates calling for large global wheat output in 2020/21 were also curbing prices.

In Germany, cash premiums in Hamburg were little changed, with lower outright prices curbing farmer selling.

Standard bread wheat with 12% protein for April delivery in Hamburg was offered for sale unchanged at 5.0 euros over the Paris May contract. Buyers were offering up to 4 euros over Paris.