PARIS: European wheat fell on Thursday, taking a breather after hitting contract highs for four consecutive sessions, that included a more than 13-year high.
Front month December milling wheat on Paris-based Euronext, closed 0.6% lower at 283.00 euros a tonne. It had hit 286.75 euros on Wednesday, the highest price on the front-month contract since March 10, 2008.
The Russian agriculture minister on Thursday cut the country's official grain crop estimate to over 123 million tonnes, from 127.4 million tonnes, after months of being more positive about the crop than main analysts have been.
On the oilseed complex, front-month November on rapeseed futures closed 3.00 euros lower at 688.25 euros a tonne after touching an all-time high of 700 euros a tonne earlier in the session. The contract expires on Friday. Wheat markets remained underpinned by strong demand and early worries about prospects for next year's wheat harvests.
Continuing dry weather could hamper winter grain sowing in Ukraine and result in a smaller sown area in Russia, the world's largest wheat exporter, analysts and weather forecasters said on Wednesday. Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), bought 360,000 tonnes of wheat in its latest tender on Wednesday.
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