PARIS, Oct 29 European wheat futures rose slightly on Monday,
supported by a slight rise in Chicago wheat, healthy export prospects and
tightening global supply, traders said.
* Volumes were low, however, due to a lack of new information on
fundamentals, they added.
* "Ending stocks before the new harvest should be very tight, mainly in the
eight biggest exporting countries, which points to a limited potential for a
fall," French analyst Agritel said in its weekly newsletter.
* The world's largest wheat exporting countries are traditionally the United
States, Canada, Australia, France, Argentina, Russia, Ukraine and Kazakhstan.
* By 1255 GMT benchmark January on the Paris-based European milling
wheat futures <0#BL2:> market was 0.25 euro higher at 265.75 euros ($340) a
* The fall of the euro against the dollar, on uncertainty over whether
Greece can agree to a deal on austerity and with no sign of when Spain might
request aid, provided support by potentially helping EU grain exports.
* Exports continued at a good pace out of top exporter France, with port
data showed a continued flow of wheat towards top client Algeria.
* Traders also noted some support from lower quality wheat expected in South
* Heavy rains in southern Brazil threatened wheat output, and top-producing
state Rio Grande do Sul could lose around a third of its crop just before
harvest, a local official said on Friday.
* The weekly U.S. crop progress report, normally released on Monday
afternoons, will be delayed as the federal government closes down ahead of
Hurricane Sandy, the Department of Agriculture said, adding the rescheduled
release time would be announced as soon as offices reopen.
* The maize market was supported by rather disappointing results from the
harvest, mainly in southwestern France.
* "Overall, we peg the French crop at only 14.7 million tonnes, below the 15
million tonnes previously hoped for," one trader said.
* The French farm minister last forecast the grain maize harvest at 15.1
SHIPMENT TO IRAN IN GERMANY
* German prices were supported by the rise in Paris and the positive export
outlook, traders said.
* Standard milling wheat for November delivery in Hamburg was offered for
sale up 1 euro at 269 euros a tonne, with buyers at around 267 euros.
* "The export outlook is positive following Ukraine's announcement of its
wheat export ban last week, and it seems only a matter of time before Russia
leaves the export market too," one German trader said.
* "EU wheat looks to be price-competitive and along with Argentina, Canada
and Australia is likely to take over the export burden in the coming weeks and
months from the Black Sea region," he added.
* Germany was seen likely to win some export business for higher quality
* "A bulk carrier is currently loading about 60,000 tonnes of wheat in
Hamburg for shipment to Iran as part of previous sales this summer, and people
are expecting more deals from Iran and elsewhere," the trader added.
* Feed wheat for November-December delivery in the South Oldenburg market
near the Netherlands was offered for sale close to milling wheat, up 2 euros at
267 euros with buyers at around 265 euros, on expectations of tighter feed grain
supplies in coming months as Black Sea region supplies sell out.
Prices at 1255 GMT
Product Last Change Pct Move End 2011 Ytd Pct
Paris wheat 265.75 0.25 +0.09 202.50 31.23
London wheat 211.00 0.00 +0.00 153.65 37.33
Paris maize 250.50 0.75 +0.30 196.75 27.32
Paris rape 484.25 -1.50 -0.31 438.25 10.50
CBOT wheat 868.50 4.75 +0.55 652.75 33.05
CBOT corn 742.25 4.50 +0.61 646.60 14.79
CBOT soy 1547.50 -13.75 -0.88 1198.50 29.12
Crude oil 86.19 -0.09 -0.10 98.83 -12.79
Euro/dlr 1.29 0.02 1.73 1.30 -0.46
* Paris futures prices in Euros per tonne, London wheat in
pounds per tonne and CBOT in cents per bushel.
($1 = 0.7733 euros)
(Reporting by Valerie Parent in Paris and Michael Hogan in Hamburg; writing by
Sybille de La Hamaide; editing by Jane Baird)