EU wheat plunges to 8-month low on US corn data

PARIS: European wheat futures extended losses triggered by unexpectedly bearish US corn estimates on Thursday to trade down 7 percent at an eight-month low.

The surprise increase in the US government's estimates of corn area and stocks prompted calls for US corn futures to open limit-down in later Chicago trade.

By 1339 GMT, benchmark November milling wheat on the Euronext exchange was down 6.63 percent at 186.50 euros a tonne, after falling to 185.50 euros, a level last seen on Oct. 22.

The contract had traded slightly higher prior to the release of acreage and stocks reports by the US Department of Agriculture.

In the much less liquid maize (corn) market on Euronext, August futures were down 2.93 percent at 232.00 euros.

Copyright Reuters, 2011