MILAN: European wheat futures were narrowly mixed by late afternoon on Thursday in thin trade with operators weighing up gains in Chicago against the bearish influence from a rising euro.
* March milling wheat on the Paris-based futures market was 1.25 euros or 0.63 percent higher at 198.75 euros a tonne by 1711 GMT but deferred contracts were flat to 1.25 euros lower on the day.
* Traders put support on March was at around 195.25 euros and resistance at 203.00 euros.
* "There is a lack of willingness (to move), the euro is firm and it's rather bearish for us," one trader said.
* The euro rose to a two-week high against the dollar on Thursday, supported by a solid Spanish debt auction and cautiously positive risk appetite which could spur a further squeeze of short positions.
* Paris prices drew some support from moderate gains for Chicago grains and soybeans in US trade, with help from a weaker dollar and Chinese demand for soy.
* Weekly European Union data showed 175,000 tonnes of wheat export licences, with the total so far this season still well down on the year.
* In imports, the EU awarded all of the remaining 188,948 tonnes of wheat import licences available for the first half of 2012 under its main tariff-rate quota (TRQ) for wheat, according to the EU official journal on Thursday.
* French analyst Strategie Grains on Thursday raised for the seventh time in a row its estimate of the European Union's 2011 maize crop now pegged at 65.3 million tonnes, up 700,000 tonnes on last month's estimate.
* The analyst pegged the EU soft wheat crop this year at 133.3 million tonnes, an estimate lowered by 200,000 tonnes from December but still 3 percent above the 2011/12 season.
* Euronext rapeseed futures were higher in the wake of firm soybean prices in Chicago.
* May rapeseed was up 4.25 euros or 0.98 percent at 436.75 euros a tonne, with support put at 430 euros and resistance at 441.25 euros.
* The International Grains Council on Thursday raised its forecast for the 2011/12 global maize crops by 8 million tonnes to a record 861 million and increased its global wheat crops forecast to a record 690 million tonnes, up 7 million from its previous forecast.
GERMANY
* Germany's market was firmed as Paris expanded into positive territory and US wheat futures in Chicago rose in early Thursday trade, with background support also coming from strong domestic feed wheat demand.
* Standard bread-quality milling wheat for February delivery in Hamburg was offered for sale up one euro at 203 euros a tonne with buyers at around 201 euros.
* "A major activity remains feed wheat because of short-covering by feed makers," one German trader said. "The euro is strengthening again which is a pity as the weak euro in the past days had started to generate hopes of more wheat export sales for the EU."
* "The drought in Argentina is keeping the country out of export markets while Ukrainian and Russian prices are also firm after their export boom in past months."
* The short covering by animal feed makers was keeping German feed wheat prices at the same level or even higher than milling wheat in parts of Germany, continuing a pattern seen last week.
* Feed wheat for nearby delivery in the South Oldenburg market near the Netherlands was offered for sale above milling wheat at 204 euros a tonne with buyers around 202 euros.
* "There are trucking costs of about seven euros a tonne from Hamburg to South Oldenburg so it is not worth the while for a wholesale switch of milling wheat into feed wheat," another trader said. "But producers nearer to South Oldenburg with lower transport costs are selling milling wheat for feed."
ITALY
* Wheat prices in Italy, a major grain buyer in Europe, were unchanged in thin trade at a key weekly session of Bologna's cereals bourse, while maize prices fell by 2 euros on the week hit by inflows of cheaper imports from Hungary, traders said.
* Bread wheat was traded at 213-218 euros a tonne for prompt delivery, without delivery charges and maize fell to 199-200 euros a tonne, including delivery charges, traders said.
* Imports of maize into Italy surged 38.5 percent year on year in the first 10 months of 2011 spurred by increased feed-making demand while soft wheat imports jumped 10.6 percent, Italian industry bodies said on Thursday.
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