OREANDA-NEWS. February 11, 2015. European Union wheat futures fell to a one-week low on Tuesday after the US government raised its forecast for world wheat stocks that were already seen by traders as ample.

Front-month March milling wheat on Euronext's Paris-based market settled 2.25 euros, or 1.2 percent, lower at 185.00 euros a tonne.

It earlier fell to 183.75 euros, its lowest since Feb. 2, just after the publication of the US Department of Agriculture's (USDA) world crop report.

US wheat futures also dropped 1 percent following the USDA report, which lifted 2014/15 global wheat ending stocks above the trade consensus.

"The report appears slightly bearish (for wheat), but it offers few major surprises, particularly in the United States," French consultancy Agritel said in a note.

Traders said activity in Euronext futures continued to be curbed by uncertainty over how the market would function with a second wheat contract to be launched next month.

Euronext said on Thursday it would launch the new wheat futures contract next month in response to calls for it to adopt quickly higher quality standards.

This means the exchange will offer two wheat contracts in parallel starting from the 2015 harvest. German cash wheat premiums in Hamburg were little changed earlier in the day with trading restrained ahead of the USDA report.

Standard wheat with 12 percent protein content for delivery in Hamburg in March was offered for sale at an unchanged premium of 7 euros over the Paris March contract.

Buyers were offering 6.5 euros over.