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PARIS: Euronext wheat ticked lower on Tuesday in step with Chicago futures as economic worries hung over financial markets while traders saw moderate risks to crops from a heatwave in western Europe.

September milling wheat on Paris-based Euronext settled down 0.6% at 392.25 euros ($408.76) a tonne.

The front-month contract had risen on Monday to a one-week high at 399.50 euros, supported by a weaker euro and the onset of the unusually early heatwave in Spain and southern France.

Traders said, however, severe heat may not last long enough to cause widespread damage to crops already approaching maturity.

Hot weather is expected to move north to reach major French wheat belts from Wednesday until storms are forecast to break the spell on Saturday.

Chicago wheat was lower, with inflation worries among investors and improving conditions for US crops curbing prices.

Export premiums on the French physical market held firm, with the west coast port of La Pallice showing a particularly strong 8 euros over Euronext for July-August delivery.

Traders said premiums were being fuelled by a lack of selling by farmers, uncertainty over the impact of the heatwave and expectations of strong export demand as Ukraine’s shipments remain curbed by Russia’s invasion.

Russia’s invasion will create a global wheat shortage for at least three seasons by keeping much of the Ukrainian crop from markets, Ukraine’s agriculture minister told Reuters. Weekly European Union grain export and import data was delayed due to a technical problem.

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