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PARIS: Euronext wheat rose on Tuesday to its highest in almost two weeks, tracking gains in Chicago as an unexpected decline in US crop ratings underscored weather risks and as export activity in Europe remained brisk.

March milling wheat, the most active contract on the Paris-based Euronext exchange, settled up 1.50 euros, or 0.7%, at 211.75 euros ($251.33) a tonne.

It earlier reached 212.50 euros, its highest since Nov. 11 when it had set a life-of-contract peak at 212.75 euros.

After drawing support from a rally in corn and soybeans in the last week, wheat found its own impetus on Tuesday while Chicago corn and soybeans eased.

The United States Department of Agriculture (USDA) said after Monday’s close that 43% of the US winter wheat crop was in good to excellent condition, down from 46% a week earlier and bucking analyst expectations for a one-point improvement.

The surprise deterioration put attention back on the effects of drought in the US Plains, despite some recent moisture.

Physical grain premiums in France held firm as Chinese demand continued to absorb a large part of a reduced French surplus this year.

“Euronext can’t climb too far as physical premiums are very high, but it’s not able to fall either because demand is still there,” a futures dealer said.

In a latest importer purchase, Tunisia bought 92,000 tonnes of soft wheat in a tender.

In Germany, standard bread wheat with 12% protein for December delivery in Hamburg was offered for sale unchanged at about 4.5 euros over Paris March.—Reuters

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