By Will Horner

A roundup of key agricultural commodity markets for the week of July 5-9 by Dow Jones Newswires in London.

GRAINS & OILSEEDS

Weather concerns are likely to dominate agricultural markets this week as traders eye rains across the U.S. and Europe while Canada's crops are facing drought risks.

Paris-traded milling wheat futures fell 1.5% to 203.75 euros ($241.74 )a metric ton on Monday, while corn fell 1.5% to EUR201.50 a ton and rapeseed dropped 3.4% to EUR518.25 a ton. U.S. markets are closed Monday for a holiday.

After last week's focus on the USDA's quarterly stocks and acreage reports, which raised the prospects of tighter global grains supplies, attention on the weather will be heightened, said Ole Hansen, head of commodity strategy at Saxo Bank.

"The combination of lower planted acreage reducing the ability to replenish stocks, now at their lowest levels since at least 2015, will result in the market becoming even more weather-obsessed as changes up or down could still swing final production numbers by millions of bushels," he said.

Wet weather has reached parts of the U.S. farm belt, though it was unclear if it would be sufficient for some of the driest regions, said Tobin Gorey, director of agri strategy at Commonwealth Bank.

European crops are seeing generally favorable weather, said William Rutherford-Roberts, an agricultural commodities analyst at StoneX Group Inc.

"While there is some chatter over quality concerns due to the rain, winter crops continue to ripen so one could argue it's a little too early to quantify any detrimental impacts yet," he said in a note.

Canada's prairies however are facing extreme dryness, helping push canola prices close to their highest ever level. Canola futures pulled back 3.6% on Monday to 800.90 Canadian dollars ($649) a ton, but nonetheless are hovering just below their highest ever level of C$830.70 a ton, which they hit in February.

The United Nations' Food and Agriculture Organization is set to release its food-price index on Thursday. French consultancy Strategie Grains is also due to release its crop monthly report on Thursday.

SOFT COMMODITIES

Possible frost damage to Brazil's sugar crop is to be in focus this week. The weather concerns helped sugar prices rise to 18.15 U.S. cents a pound last week, their highest level since March 2017.

"Freeze and frost damage to cane in some of Centre--South Brazil's cane regions remain front of mind for the market," said Mr. Gorey. "Any damage to cane though is still being assessed. The assessments will filter through this week and next," he said.

In London, robusta coffee futures fell 1.6% to $1,680 a ton, while white sugar gained 0.9% to $475.30 a ton and cocoa rose 0.4% to GBP1,662 a ton.

Write to Will Horner at william.horner@wsj.com

(END) Dow Jones Newswires

07-05-21 0950ET