* Trade was light across Europe as US markets were closed for the Thanksgiving holiday. * In France, the European Union's biggest wheat exporter, January milling wheat was down 0.50 euro, or 0.28 percent, at 178.50 euros($240) a tonne By 1710 GMT. * The front-month contract fell as low as 177.25 euros in early trade on the Euronext exchange in Paris. * In addition to the US holiday, volume was thin because many dealers were gathered at a trade fair in Paris. * US wheat and soybeans sank on Wednesday to their lowest levels in more than a year as a downturn in China's manufacturing sector renewed global economic concerns. * In addition to the US holiday, volume was thin because many dealers were gathered at a trade fair in Paris. * US wheat and soybeans sank on Wednesday to their lowest levels in more than a year as a downturn in China's manufacturing sector renewed global economic concerns. * "Nobody knows what will happen on the macroeconomic front so people let go (sell positions)," a dealer said. * Dealers located the next psychological supports on the January contract at 175 and 170 euros a tonne. * "After that everything will depend on buyers' appetite," Agritel analyst Gautier Le Molgat said, noting a fall in prices could lure fresh demand. * A fall of the euro towards $1.30 euros would also support French wheat, he added. * The euro fell to a seven-week low in thin trade on Thursday after German Chancellor Angela Merkel said she still did not think common euro zone bonds were necessary, adding to concerns policymakers could not agree on a way out of the debt crisis. * Signs the euro was still making European exports too costly on world markets came from EU data showing 6.1 million tonnes of soft wheat had been exported since the beginning of the 2011/12 season, down from 9.6 million tonnes a year ago. * The EU's grain management committee voted on Thursday to extend a waiver on the bloc's import duties on feed wheat and barley until June 30 2012. * Dealers in import-dependent Spain said they had discounted the move, which would allow them to buy Ukrainian maize if it were cheaper than maize in January, when they are next due to bid for import permits. * Euronext rapeseed futures were pressured the sharp fall on the US soybean market the previous day, with front month February down 0.9 percent at 410.00 euros a tonne in light trade. That was the lowest prices traded since Aug. 11. * Traders said that while on the wheat cash market there was a rise in the premium which partly offset a slide in futures prices, demand was virtually non-existent for rapeseed. SPAIN * Prompt physical wheat prices in Spain were stable amid trade thinned by a lull in Ukrainian imports and farmers retaining new crop, although falling maize weighed on the market. * Despite its dependence on grain imports, Spain is home to Europe's biggest pig feed industry, whose current raw material of choice is maize, followed by wheat and a little barley. * "Maize is setting the pace in the Spanish cereal market. The French have had a bumper harvest which they insist on selling in Spanish ports at prices which do not compete with Ukrainian maize," a dealer said. * French maize was competitive when delivered by road to Spanish regions far from ports but close to the Pyrenees. * Feed wheat was quoted at 205-207 euros/tonne for prompt delivery in northeasterly Tarragona, Spain's key grains port, narrowing from 204-208 euros on Monday. * January-March feed wheat was reported changing hands at 200-202 in ports. Domestic new crop wheat was offered at 210 euros/tonne ex-store in northern Spain, which dealers said could not compete with imported British wheat. GERMANY * In Germany, prices echoed the fall in Paris under the burden of overall economic uncertainty, although trade was restrained because of the closure of US markets on Thursday. * Standard new crop bread-quality wheat for December delivery in Hamburg was offered for sale down one euro at 185 euros with buyers around 184 euros. * "The general economic background is more supportive today than the repeated reports of disaster we heard yesterday," one German trader said. "Buyers are generally reserved as some believe it is possible prices could fall further." * Low water levels on the Rhine and Danube rivers in Germany due to exceptionally dry weather in November continued to cause transport problems. * "Shipping costs along the Rhine are about double normal levels," another trader said. * "This is very painful for people trying to deliver on past deals. The trade is seeking to shift as much freight as possible to road haulage and people are also seeking agreement to delay deliveries to buyers." * "Low water levels on the Danube mean less maize from Hungary and elsewhere in eastern Europe is being transported to the rest. This is presenting good sales opportunities for new crop maize in western Europe." Feed wheat futures in London were lower with January off 2.00 pounds or 1.4 percent at 141.00 pounds a tonne at 1625 GMT. The contract had earlier touched 140.00 pounds, the lowest level for the front month since July 2010. BRITAIN * Feed wheat futures in London were lower with the front-month January contract off 2.00 pounds, or 1.4 percent, at 141.00 pounds ($220) a tonne by 1720 GMT. * The contract had earlier touched 140.00 pounds, its lowest level since July 2010. * Dealers said the market continued to be weighed by ample supplies and a grim economic outlook in the euro zone, the destination of the bulk of UK wheat exports. * The International Grains Council on Thursday raised its forecast for EU-27 maize production to 64.7 million tonnes from a previous projection of 63.8 million. The revision mainly reflected an improved outlook in France where a crop of 15.8 million tonnes was projected, up from a previous forecast of 15.2 million.