EU wheat claws off one-month low as harvest weather weighed

PARIS, June 12 (Reuters) - Euronext wheat edged higher on
Friday, finding chart support after hitting its lowest in over a
month, as traders weighed harvest prospects across Europe that
have improved after recent rainfall.
Front-month September milling wheat BL2U0 on the
Paris-based Euronext exchange was up 0.25 euro by 1401 GMT at
182.75 euros ($206.51) a tonne.
It earlier eased to 182.00 euros, its weakest level since
May 4, but found firm technical support at that level.
Chicago wheat Wv1 also steadied after falling earlier to a
three-week low. GRA/
A U.S. government forecast on Thursday of record world wheat
stocks added to supply pressure on wheat prices already curbed
by an advancing U.S. harvest and rain relief in Europe.

Consultancies SovEcon and IKAR this week raised their
forecasts for this year's Russian wheat harvest, while in France
data from farm office FranceAgriMer showed wheat ratings were
stable for a second week in a row last week. But analysts noted that stocks remained relatively low in
major exporting countries and that uncertainty remained over
northern hemisphere harvests.
More showers expected in France and Germany at the end of
the week could further alleviate drought, although some yield
damage was seen as irretrievable.
"Every day that rain comes there is more optimism that we
will get a decent crop this summer although some harvest
forecasts could be cut a bit," one trader said of German crops.
Standard bread wheat with 12% protein for September delivery
in Hamburg was offered for sale unchanged around 1.0 euro under
the Paris December contract BL2Z0 .
Export demand for the 2020/21 season that starts in July was
light but loading activity remained steady in France and Germany
for the end of the 2019/20 season. GRAIN/SHP/R
In Germany, ships were due next week to load 25,000 tonnes
of German wheat for Nigeria and 30,000 tonnes for Guinea, after
vessels loaded another 30,000 tonnes this week for Nigeria and
35,000 tonnes for Kenya.

($1 = 0.8850 euros)