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PARIS: Paris wheat futures extended a rally on Tuesday to new record highs as quality risks in Australia’s harvest and uncertainty over Russian export restrictions fueled worries about global availability of wheat.

Doubts over world supply and an earlier slide in the euro to a 16-month low against the dollar also supported the market, with traders worrying that European supplies could be strained by brisk international demand.

On Paris-based Euronext, the most active March wheat contract set a new record for a second-month position at 309.25 euros a tonne, before settling up 2.75 euros, or 0.9%, at 308.50 euros.

Front-month December wheat rose during the session to a new all-time high for a Euronext contract at 312.25 euros. “Matif (Euronext) won’t fall until we have a clearer picture on Russia’s export taxes and crop quality problems in Australia,” a French trader said.

In Australia, heavy rains in eastern regions are threatening to damage crops, adding to quality concerns after early harvest results in the west showed disappointing protein content.

“The possible rain damage to the Australian crop may cause a dramatic change to the export outlook for EU wheat,” a German trader said.

Some importers have been counting on Australia’s crop for milling-grade supplies and a significant setback in harvest quality could force buyers to look to European Union supplies, particularly if Russian export levies rise further.

“A lot of debate is about the likely sourcing of over 1.2 million tonnes of wheat bought by Saudi Arabia in its tender on Nov. 1,” the German trader added.

Weekly European Commission data on Tuesday showed the EU had exported 10.27 million tonnes of soft wheat so far in the 2021/22 season.

However, data for France was still missing due to a technical problem, with port loading figures suggesting French exports were over 2 million tonnes higher than indicated by the Commission.

German traders said the new records in Paris meant premiums in Hamburg were again difficult to calculate.

Standard 12% protein wheat for November delivery in Hamburg was nominally quoted at level Paris December.

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