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PARIS: Euronext wheat fell steeply on Tuesday, tracking sharp losses in Chicago as signs of improved weather for US and European crops and news that China plans to accept Brazilian corn weighed on corn markets.

September wheat on Paris-based Euronext settled down 15.50 euros, or 3.6%, at 410.50 euros ($440.51) a tonne, after earlier falling to its lowest since May 12 at 409.00 euros.

Chicago wheat and corn futures also slipped around 3%.

Traders said an announcement by China that it would allow imports of Brazilian corn triggered selling in Chicago, suggesting increased export competition for US supplies.

“The Americans had been in the driving seat for corn since Ukraine stopped shipping and now we have the impression the tide is turning,” a dealer said of the China-Brazil agreement.

“We also had futures prices that were a bit divorced from the market.” Weaker equity and oil markets and a stronger euro also weighed on Euronext as investors remained wary of an economic slowdown and the prospect of more interest rate rises to counter inflation.

In a weekly US crop report published late on Monday, the United States Department of Agriculture (USDA) marginally increased its headline rating for US winter wheat crops and also indicated more progress in corn planting than anticipated.

Showers this week could also ease drought in winter wheat zones and warmer conditions may help delayed spring wheat planting further north.

“The arrival of heavy rains during the latter development stages of US winter wheat could significantly improve crop conditions,” Refinitiv analysts said in a note.

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