European wheat prices turn around

PARIS: European wheat prices turned around late on Monday as US markets fell sharply after hitting a one-month peak.

Benchmark December milling wheat on Paris-based Euronext ended 0.6% lower at 182.63 euros a tonne.

Chicago Board of Trade wheat was down about 1.7%.

"We are following the sharp fall in Chicago which could not hold its one-month high reached overnight," one trader said.

The European Union's crop monitoring service MARS cut its yield outlook for most summer crops in the bloc on Monday, citing dry weather in large producing countries.

Grain trade association Coceral was also pessimistic about the EU maize crop this year, lowering its production forecast for this year in the EU and Britain to 64.6 million tonnes, from 66.8 million tonnes in its June report and 64.8 million in 2019.

It slightly lowered its estimate of this year's soft wheat production in the bloc to 129.1 million tonnes, from 129.7 million tonnes in June and far below 146.8 million last year.