PARIS, June 5 (Reuters) - European wheat futures were little changed on Thursday, tracking hesitant trade in Chicago as the market weighed strength in the euro, escalation risks in the Russia-Ukraine war and broadly favourable Northern Hemisphere harvest prospects.

September milling wheat BL2U5, the most active position on Paris-based Euronext, settled at 0.1% down at 202.75 euros a metric ton, as it remained near last Thursday's contract low of 200.25 euros.

Chicago wheat Wv1 edged up in U.S. trading, with support from a weaker dollar =USD. GRA/

A corresponding rise in the euro EUR= weighed on Euronext, reinforcing negative export sentiment amid a lull in international demand. GRA/TEND

But investors' reluctance to add to their large short position helped Euronext hold above the 200 euro floor.

"Markets remain fragile, with bearish fundamentals dominating despite intermittent war risk rallies," British merchant ADM Agriculture said in a note.

"Strong European crop potential, subdued global demand, and heavy fund shorts suggest further downside risk - unless geopolitical events escalate dramatically, or weather significantly disrupts production."

War headlines this week, as Ukraine has stepped up attacks on Russian targets and Moscow has threatened retaliation, have rekindled concerns about Black Sea grain trade.

But rain in Northern Europe since late May and showers in the north of France since Wednesday have tempered worries about crop stress following a very dry spring.

(Reporting by Gus Trompiz; editing by David Evans)

((gus.trompiz@reuters.com))