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PARIS: Euronext wheat fell sharply on Tuesday as futures pulled back from record highs caused by supply concerns over Russia’s invasion of fellow grain exporter Ukraine.

Benchmark May wheat on the Paris-based Euronext exchange settled down 26.5 euros, or 6.7%, at 370.00 euros ($404.63) a tonne, moving away from Monday’s contract high of 424.00 euros.

Less active March futures, which expire this week, ended down 6.5% at 395.00 euros, after setting an all-time record for Euronext at 450 euros on Monday.

Chicago wheat tumbled by 10% to reach an expanded price variation limit and come off a latest 14-year high.

Traders said a shift in some investment flows back towards equities and an easing in short-covering by wheat market participants contributed to the pullback on Euronext and Chicago.

There were also signs importers were reluctant to buy at current prices, with Tunisia thought to have declined to make a purchase in a tender and Algeria believed to have postponed a separate tender until Wednesday, according to traders. “There are signs the high prices and lack of available supplies are causing serious pain for importers and demand destruction, as shown by Tunisia cancelling its wheat tender today,” one trader said.

Physical premiums in Europe remained elevated, underscoring supply tensions as merchants and importers sought alternatives to Ukrainian and Russian wheat, which usually accounts for about 30% of the world’s wheat exports.

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