Wheat up as French crop conditions worsen

HAMBURG, July 27 (Reuters): European wheat futures rose on Friday as new data showed France's harvest has suffered damage from repeated rain this summer, traders said.

But gains were limited by cheap export prices offered by Black Sea exporters, especially for Russian wheat, coupled with positive news about the Russian and Ukrainian harvests.

A weak early trend in US wheat futures also burdened European prices.

September wheat on the Paris-based Euronext exchange rose 0.3 per cent to 220.50 euros ($239.33) a metric ton by 1506 GMT. Euronext hit two-week highs of 227.50 euros on Monday on concern about rain damaging crops.

French soft wheat ratings fell again in the week to July 22, with 50 per cent in good or excellent condition against 52 per cent a week earlier and harvesting remained well behind average, farm office FranceAgriMer said on Friday.

"More bad news came about the French harvest today but export competition from the Black Sea is so heavy not much EU wheat can be sold in export markets," one German trader said.