LONDON |
LONDON Oct 2 (Reuters) - European wheat futures rose on
Wednesday, supported by a surge in rapeseed prices linked to a
European Union proposal for definitive anti-dumping duties
against imports of biodiesel from Argentina and Indonesia.
* The rally in rapeseed helped curb a slide in U.S. corn and
soybeans that was sparked by bigger-than-expected estimates of
U.S. stocks on Monday.
* "Rapeseed is pulling soybeans higher and that is
underpinning corn, so wheat is following suit in a spread
movement," one dealer on the Euronext market said.
* The European Commission has submitted a final proposal for
anti-dumping duties against imports of biodiesel from Argentina
and Indonesia, accused of selling the product into the bloc at
unfairly low prices, an official said Wednesday.
* November milling wheat on the Paris Euronext
market was up 1.00 euro or 0.5 percent at 191.25 euros a tonne
by 1326 GMT.
* The contract had retreated from a one-month high of 194.25
euros set on Monday, pressured by lows in corn and soy plus
strength in the euro against the dollar.
* But strong international demand, including higher expected
import needs in Brazil, have underpinned wheat, while
rain-hampered sowing of winter wheat in Russia and Ukraine has
also raised potential risks to next year's
supply.
* Benchmark rapeseed futures in Paris rose as much as 3.6
percent on reports the European Union is planning definitive
anti-dumping duties on biodiesel from Argentina and Indonesia.
* Traders said the EU executive has proposed duties that are
higher than provisional tariffs imposed in May, in a move that
could bolster demand for rapeseed, the main feedstock used for
biodiesel produced in Europe.
* By 1326 GMT, November rapeseed was up 8.25 euros
or 2.3 percent at 369.00 euros a tonne, off an earlier high of
373.75 euros.
* The price jump in Paris helped Chicago soybean futures
reverse an earlier fall and also supported gains in canola
futures in Canada, dealers said.
* In Germany, premiums were firm, with low farmer selling
after recent price falls supporting.
* Standard milling wheat for October delivery in Hamburg was
offered for sale at 4.5 euros over the Paris November wheat
contract, up 0.5 euro.
* "Paris prices had fallen 1 percent on Tuesday and have
only recovered part of their losses today," one German trader
said. "Producers are unwilling to sell at current depressed
levels."
* "The export outlook is positive with indications of crop
problems in the Black Sea region which could push more demand to
EU export supplies."
* German markets will be closed for a public holiday on
Thursday.
(Reporting by Nigel Hunt in London and Michael Hogan in
Hamburg; editing by Keiron Henderson)