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CHICAGO: US wheat futures fell on Thursday, with the most-active Chicago Board of Trade soft red winter wheat contract plunging 7.7% as traders said the rally sparked by Russia’s invasion of Ukraine had made the grain too expensive for potential buyers.

“The market is pausing to catch its breath a bit,” said Jim Gerlach president of commodities broker A/C Trading in Indiana. “It overshot fair value so the market is going to hash it out here and figure out where real demand lies in terms of prices.”

Benchmark Chicago wheat futures tumbled by their daily limit on Wednesday after surging 54% since the fighting between those two key global exporters started.

CBOT corn and soybean futures rallied, supported by signs that export demand for US supplies will remain strong following a drought in South American that withered crops in competitors Brazil and Argentina.

At 10:45 a.m. CST (16CC GMT) CBOT May wheat futures were down 92 cents at $11.09-1/2 a bushel.

In Europe, May wheat on Paris-based Euronext edged higher, firming 0.4% to 373.75 euros a tonne but remained will below its session peak of 390.25.

Talk that French wheat could supply most of a large tender purchase by Algeria fuelled expectations of extra demand for European Union wheat to replace Ukrainian and Russian supplies, which account for about 30% of global wheat exports.

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