October 8, 2012 / 4:20 PM / 5 years ago

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)
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