UPDATE 1-European wheat edges higher, U.S. report eyed
(Updates prices) AMSTERDAM, Oct 8 (Reuters) - European wheat futures turned slightly higher on Monday as weather concerns supported Chicago prices, but trading remained subdued as the market looked ahead to U.S. government crop estimates this week for a fresh view on the extent of drought disruption to grain supply. * Rapeseed futures stayed lower as the oilseed complex was weakened by improving yield prospects in the U.S. soybean harvest and economic worries that pushed crude oil lower and could reduce demand for biodiesel. * Benchmark November milling wheat on the Paris futures market was up 0.50 euros or 0.19 percent at 259.50 euros a tonne by 1605 GMT, as it continued to hover in a longstanding support zone around 260 euros. * U.S. wheat futures in Chicago rose amid concern about dry weather in the western U.S. Plains and also in Australia, another major wheat exporter. * "At a time when it is competitive on the world market, European wheat has little scope to fall on the (Paris) market," grains consultancy Agritel said in a note. * "However, upward potential is being countered by the state of the world economy, which explains why prices for the November contract remain in a tunnel between 255 and 265 euros." * In monthly data, the French farm ministry on Monday lowered its estimate of this year's soft wheat crop in France to 35.9 million tonnes from 36.5 million previously, while also trimming its outlook for the maize crop. * But grain markets were focused more on monthly U.S. Department of Agriculture estimates due on Thursday, which will give a fresh indication on the drought-hit U.S. corn and soybean harvests. * November rapeseed was down 4.50 euros or 0.92 percent at 482.00 euros a tonne. * NYSE Liffe, the exchange that operates futures markets for grains and other agricultural commodities in Paris and London, said on Monday it had resolved the technical issues which halted trading on its agricultural commodity contracts on three separate occasions last week. * NYSE Liffe's commodity contracts stopped trading twice on Friday, with the second outage lasting nearly four hours. * Prices as of 1613 GMT Product Last Change Pct Move End 2011 Ytd Pct Paris wheat 259.75 0.75 +0.29 195.25 33.03 London wheat 201.50 2.45 +1.23 153.65 31.14 Paris maize 239.00 0.00 +0.00 197.25 21.17 Paris rape 481.25 -5.25 -1.08 421.50 14.18 CBOT wheat 864.75 7.25 +0.85 671.25 28.83 CBOT corn 745.75 -2.25 -0.30 654.75 13.90 CBOT soybeans 1555.50 4.00 +0.26 1207.75 28.79 Crude oil 89.15 -0.73 -0.81 98.83 -9.79 Euro/dlr 1.30 -0.04 -2.88 1.30 0.13 * All grain and oilseed prices for second position. Paris futures prices in Euros per tonne, London wheat in pounds per tonne and CBOT in cents per bushel. (Reporting by Gus Trompiz and Valerie Parent in Paris and Ivana Sekularac; editing by Jane Baird)
- Israeli commandos clash with Hamas militants on Day 6 of Gaza offensive |
- Three dead, two wounded in Pasadena, California shootings
- Teen survivor of Texas shootings says slain family members 'in much better place'
- Rape and murder of 13-year-old spark debate in junta-ruled Thailand
- Israeli commandos clash with Hamas gunmen in Gaza raid