RTRS:EU wheat firm on corn, euro; U.S. closure weighs
PARIS, Sept 5 (Reuters) - European wheat prices were flat to higher on Monday, underpinned by concerns about the U.S. corn harvest and a three-week low for the euro against the dollar.
* Movements were limited as prices lacked direction from the United States, where markets were closed for the Labor Day holiday.
* Benchmark November milling wheat was up 0.25 euros or 0.12 percent at 208.50 euros a tonne by 1140 GMT.
* "We're seeing the market rise with help from the euro-dollar rate at $1.41," a futures dealer said.
* The lower euro, which makes commodities priced in the currency cheaper on the world market, reflected renewed concerns about debt troubles in the euro zone.
* Fears that potential U.S. corn yields are continuing to decline also underpinned wheat.
* Worries about the U.S. corn crop, fuelled by latest estimates from private forecasters, helped Chicago corn futures surge by 3 percent on Friday, with U.S. wheat adding 2 percent in their wake.
* "Without the snags in corn, we'd see European wheat at 180 euros," a futures dealer said. "With its low stock levels corn becomes an attractive asset even if it's expensive."
* After private forecasters Pro Farmer, FC Stone and Lansworth all put the U.S. corn crop well below the current official estimate, operators are looking ahead to next Monday's updated forecast from the U.S. Department of Agriculture. Continued...