* Drought severely stunted South America's maize and soya bean crops although not quite as badly as feared, the US Department of Agriculture said, and foresaw larger US maize exports to fill the gap.
* In Europe's top wheat exporter France, March milling wheat traded down 1.75 euros, or 0.81 percent, to 214.25 euros ($283.96) a tonne by 1709 GMT on Paris's Euronext exchange.
* The contract peaked at 223.50 euros in opening trade on Tuesday amid concerns over severely cold weather, which traders said was likely to support prices until details of crop losses became known.
* "The USDA figures are pretty neutral, they're not very bullish or bearish," a French trader said. "The revision to Argentine corn production was as expected."
* European rapeseed futures edged up with support from US soybeans, with May up 1.25 euros or 0.28 percent at 449.25 euros.
SPAIN
* Physical wheat in major importer Spain was steady as dealers awaited direction from international futures markets after an unsurprising USDA report and volume remained thin.
* "Next month's (USDA) stocks report may move things," a trader said in Spain.
* Many big consumers in Spain have been caught out by rising prices for the year to date, when many had expected them to fall due to the arrival of hefty imports from Ukraine under a special EU quota system.
* In fact, cold weather has thwarted shipments from the Black Sea and Spanish dealers have looked further afield, to Brazil and the United States to help fill the country's structural grain shortfall.
* Prompt feed wheat in principal grains port Tarragona was quoted at 225-227 euros/tonne , or flat over Wednesday.
GERMANY
* German wheat pared losses in afternoon trade after the USDA report but was still in negative territory as Paris and US prices remained mostly weak.
* Background support was also coming from ice disrupting shipping on many German canals and rivers, traders said.
* Standard quality milling wheat for February delivery in Hamburg was offered for sale down one euro at 218 euros a tonne with buyers at around 216 euros.
* "There was the normal risk-off attitude which is normal on days the USDA report is published," a German trader said. "Temperatures have started rising again, which is providing reassurance for those who were worried about damage to crops in the cold snap."
* There was trade talk of more German export sales, including a sale to Iran.
* German wheat was also offered heavily in a tender from Iraq but failed to win the business.
* Strong demand from makers of animal feed kept German feed wheat prices close to milling wheat in parts of the country, a pattern seen in past weeks, but feed wheat was this week quoted below milling levels.
ITALY
* Wheat prices in Italy, a major grain importer in Europe, rose on the week driven by tightening supplies of local wheat and more expensive imports.
* Bread quality soft wheat added 5 euros to 225-230 euros a tonne for prompt delivery, excluding delivery charges, while higher grade wheat rose 1-3 euros to 234-239 euros a tonne, depending on quality, weekly trade data from Bologna's cereals bourse showed on Thursday.
* Imported Austrian wheat rose 2 euros on the week to 275-277 euros a tonne and French wheat jumped 5 euros to 241-245 euros a tonne, while maize added 6 euros to 212-213 euros a tonne, the data showed.