Wheat gains as FAO Cuts Harvest Outlook, German Quality Drops

Wheat rose in Chicago as rain reduced the quality of German grain, which competes with U.S. wheat in export markets, and after the United Nations cut its crop outlook for a second time since June on drought in Russia. December-delivery wheat advanced as much as 1.6 per cent to $6.965 a bushel on the Chicago Board of Trade, after slumping 2.7 per cent yesterday, and was at $6.9525 a bushel at 12:12 pm Paris time. European milling-wheat futures traded in the French capital fell for the first time in six days.

Milling wheat for November delivery fell 0.2 per cent to €227.25 ($290.79) a tonne on NYSE Liffe in Paris at 12:33 pm local tim December-delivery corn gained 0.9 per cent to $4.43 a bushel and soybeans for November delivery slipped 0.4 per cent to $10.14 a bushel. Rough rice for November delivery rose 1.1 per cent to $11.46 per 100 pounds in Chicago. The FAO reduced its global rice output estimate this year to 467 million tonnes, from 472 million tonnes in June, after flooding curbed the Pakistan crop.