LONDON: Wheat prices in western Europe rose on Monday aided by weather concerns, as a drop in temperatures slowed crop development in the region, while in the US anticipated further wet weather delays to corn crop plantings triggered a rally.
"After Chicago opened prices surged here because of adverse weather conditions in the United States for wheat and corn," a French trader said.
On the benchmark Paris futures market, new-crop November milling wheat in Paris gained 3.50 euro or 1.8 percent at 211.75 euros a tonne by 1610 GMT. Old crop May was 5.75 euros higher at 248.25 euros.
Chicago Board of Trade new-crop December corn rose over 6 percent to trade at $5.55 per bushel on Monday, following rain forecast for later in the week, which is expected to further delay plantings.
The US Department of Agriculture is due to provide an updated estimate of planting progress later on Monday. Last week it said only 4 percent of the US corn crop had been planted, up from 2 percent a week ago, but well behind the 16 percent five-year average seeding pace.
In France, the European Union's largest wheat producer, temperatures have dropped sharply since last week and were set to remain below average in the large grain regions in the North until Thursday.
<Center><b><i>Copyright Reuters, 2013</b></i><br></center>
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