Wheat prices in western Europe were slightly lower on Monday, weighed partly by a firmer euro, but remained within striking distance of last week's 11-month peak as dealers kept a close watch on the crop outlooks in Russia and the United States.
November milling wheat in Paris fell 0.50 euros or 0.25 percent to 216.00 euros a tonne by 1630 GMT. The contract peaked at 218.75 euros a week ago, its highest level since June 2011. Dealers said weekend rains in the Black Sea region may have improved the outlook for crops in some areas while other regions remain dry.
Large speculators slashed their net short position in CBOT wheat by 58 percent to its smallest in 8-1/2 months as worries about dry weather reducing the size of this year's winter wheat harvests forced them to unwind their bearish bet, regulatory data released on Friday showed. November feed wheat futures in London were off 0.50 pounds at 159.00 pounds a tonne. Dealers said volumes were light with Monday a holiday in the United States and much of Europe.
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