March 1, 2012 / 12:46 PM / in 5 years

EU wheat down in line with lower U.S. futures

 AMSTERDAM, March 1 (Reuters) - European wheat futures edged lower in
step with U.S. prices as grain markets saw a lull after an end-of-month rally
that brought fresh highs in Chicago.	
 * Losses were modest and activity was light as grains continued supported by
crop worries and export demand.	
 * The most active May milling wheat contract in Paris was down 1.00
euro or 0.48 percent at 207.25 euros a tonne by 1217 GMT.	
 * A zone between 206 and 206.75 euros, representing a chart gap formed at
Wednesday's opening, was providing technical support for the contract.	
 * "There was an end-of-month surge yesterday on the U.S. market. It's eased
back now and we've followed suit," a French futures dealer said.	
 * On Wednesday, U.S. soybeans hit a new five-month high, corn a six-week
peak and wheat a three-week high, before all crop futures edged down on
Thursday. 	
 * The European market continued to be underpinned by worries about crop
damage, with French analysts saying initial signs suggested around 1 million
tonnes of winter wheat output could be lost in eastern France after a cold spell
a month ago. 	
 * The weather risk hanging over the next crop encouraged some farmers to
hold on to supply in the expectation of a price rally, traders said.    	
 * Feed wheat futures in London were also lower, tracking losses in both
Paris and Chicago, with May off 0.90 pounds or 0.5 percent at 166.50
pounds a tonne.	
 * Dealers said conditions remained generally favourable for crop development
in Britain.	
 * "Overall the wheat crop is well established with good growth over winter,"
crop consultants ADAS said in a monthly update issued on Thursday.	
 * ADAS said a mild winter had encouraged the spread of mildew in most crops
although frosts in early February checked the development of the disease.	
 * The planting of spring barley was underway in Britain with about five
percent drilled by the end of February, ADAS said.	
 * Prices as of 1235 GMT
                                                                       
  Product             Last    Change   Pct Move End 2011 Ytd Pct 
 
  Paris wheat         207.50    -0.75    -0.36   195.25     6.27
  London wheat        166.00    -1.40    -0.84   153.65     8.04
  Paris maize         206.50    -0.75    -0.36   197.25     4.69
  Paris rape          442.00    -1.25    -0.28   421.50     4.86
  CBOT wheat          666.25    -1.75    -0.26   671.25    -0.74
  CBOT corn           655.50    -2.50    -0.38   654.75     0.11
  CBOT soybeans      1315.00    -5.00    -0.38  1207.75     8.88
  Crude oil           107.19     0.12    +0.11    98.83     8.46
  Euro/dlr              1.33     0.06    +4.84     1.30     2.80
 * 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 Marion Douet in Paris, Nigel Hunt in London and
Ivana Sekularac in Amsterdam, editing by William Hardy)	
 

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