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European wheat prices held at steady levels on Friday as a lower euro helped to offset weakness in US futures as the market's focus moved towards next week's key US government crop production report. By 1617 GMT, November milling wheat on the Paris futures market was unchanged at 209.50 euros a tonne.
"We are lacking new fundamental elements to move one way or another. People are in a cautious wait," one trader said, referring to the release of the US Department of Agriculture's monthly crop report next Tuesday. "The market does not intend to fall right now," another Euronext trader said. The euro fell on Friday after a three-notch downgrade to Spain's credit rating and signs of economic weakness in Italy and Germany. Volumes were low with many French traders attending a trade meeting in Paris, where the president of the Paris Trade Chamber, Baudouin Delforge, told reporters that most concerns for the French harvests were lifted.
"We were very scared about the weather impact in February on wheat, barley and rapeseed crops but nature knows best and grains and rapeseed are now back into shape. But beware, we are not out of the woods yet, notably on quality," he said. Heavy rainfall in recent days in France has raised concern about potential quality damage. The USDA will release its estimate of 2012/13 winter wheat production in its monthly crop report on Tuesday. A Reuters survey of 15 analysts put the average estimate of US winter wheat output at 1.639 billion bushels, down from the USDA's May estimate of 1.694 billion.
Feed wheat futures in London were also little changed in thin volume with November up 0.25 pounds or 0.2 percent at 157.00 pounds a tonne. UK exports of old crop wheat remained slow. "Exports remain a challenge, but look a little more possible as French and Baltic supplies dry up," farmers co-operative Openfield said in a report on Friday.

Copyright Reuters, 2012

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