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PARIS: Euronext wheat futures turned higher in late trading on Tuesday to set fresh contract peak after a closely followed US government crop report underscored tightening global supply. Benchmark December milling wheat on Paris-based Euronext settled up 3.00 euros, or 1.1%, at 271.50 euros ($313.15) a tonne.

Before the close it reached a new life-of-contract high of 273.00 euros, surpassing a previous peak of 272.00 euros from Friday. The US Department of Agriculture's (USDA) monthly supply and demand report, released 30 minutes before the Euronext close, included a reduced projection of global wheat stocks in 2021/22 that was below a range of analyst expectations.

Euronext has rallied in the past month against a backdrop of brisk European export demand and firm prices in top exporter Russia. In export news, Egypt cancelled a purchase tender, citing high prices.

European Commission data on Tuesday showed European Union soft wheat exports so far in 2021/22 have reached 8.37 million tonnes, up from 6.02 million a year ago. In France, the farm ministry reduced its estimate of this year's soft wheat harvest to 35.2 million tonnes from 36.1 million last month, though that still exceeds last year's volume by nearly 21%.

In oilseeds, rapeseed futures on Euronext retreated further from last week's contract highs. Front-month November closed down 1.4% at 641.25 euros a tonne, compared with a peak of 685.00 euros on Friday. A higher than expected increase to the USDA's supply outlook for US soybeans added pressure on oilseed markets after losses in vegetable oil futures.

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