EU wheat rises on Chicago rebound and export glimmer
Adds closing prices
PARIS, Nov 15 (Reuters) -Euronext wheat futures rose on Friday, supported by a bounce in Chicago grains and talk that French wheat's renewed competitiveness was attracting export demand, traders said.
March wheat BL2H5, the most active position on Paris-based Euronext, settled 1.9% higher at 224.00 euros ($236.41)per metric ton.
Front-month December BL2Z4 ended2.6% up at 216.25 euros.
Euronext had slipped to 2-1/2-month lows earlier this week in step with Chicago wheat Wv1 as a surge in the dollar and persisting competition from Black Sea supplies weighed. GRA/
A pause in the dollar's rally encouraged a technical rebound in Chicago grain on Friday, spurring gains in Euronext where participants were also adjusting positions before the expiry of options against December futures.
There were also rumours of fresh sales of French wheat to Morocco this week, following the price drop and slide in the euro that made western European grain cheaper for export.
French wheat is seen as particularly attractive for nearby shipment given the large discount for Euronext December versus March futures.
Traders have been anticipating further demand from Morocco, which has become the main export outlet for EU wheat, after Russian prices increased in recent weeks.
There was nonetheless concern about tepid demand from other importers and ongoing competition from Russian wheat and other Black Sea origins.
Farm office FranceAgriMer on Wednesday cut its forecast of French non-EU wheat exports, citing a drying up of French sales to Algeria.
French farmers had sown 78% of the expected soft wheat area for next year's harvest by Monday, ahead of the year-earlier progress, FranceAgriMer said on Friday, in a sign that a dry spell has allowed field work to speed up after rain delays earlier in autumn.
Growers are expected to try and wrap up soft wheat sowing this week before wet weather returns across France next week.
In oilseeds, February rapeseed COMG5 on Euronext settled up 1.7% at 539.25 euros per ton, near a contract high struck earlier this week.
Rapeseed found fresh support from related vegetable oil markets, including U.S. soyoil which rallied on news that China was reducing export incentives for certain commodities including used cooking oil.
($1 = 0.9475 euros)
Reporting by Gus Trompiz; editing by Jonathan Oatis and Louise Heavens
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