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PARIS: Euronext wheat fell on Thursday in step with Chicago futures as concerns about interest rate rises and a resulting economic slowdown hung over the market while traders monitored discussions over a Ukrainian grain export corridor.

December milling wheat on Paris-based Euronext settled down 1.5% at 332.25 euros ($332.05) a tonne.

The contract was moving back from Tuesday’s two-month peak of 340.75 euros, after failing to break clear of the 340 euro resistance level.

Chicago wheat was down around 2.5%, retreating from a new two-month top earlier in the day, as investors turned their attention to an expected US interest rate hike next week.

Wheat markets had climbed in the past week as Russian criticism of a deal that has allowed Ukraine to resume grain shipments from Black Sea ports revived worries about disruption to massive Ukrainian supplies.

Traders are watching for an expected meeting between Russian President Vladimir Putin and Turkish counterpart Tayyip Erdogan, who has also expressed reservations over the corridor deal, at a central Asian summit in Uzbekistan.

At the same time, European wheat prices have been curbed by increasing Ukrainian shipments through the corridor and a gradual increase in flows of cheaper Russian wheat.

Farm office FranceAgriMer on Wednesday lowered its forecast for French soft wheat exports outside the European Union in 2022/23, and French traders said fresh export demand was thin after brisk sales this summer.

Consultancy Strategie Grains on Thursday cut slightly its forecast of 2022/23 European Union soft wheat exports in a monthly report marked by another sharp cut to its outlook for the EU’s drought-hit maize crop.

In rapeseed, November futures on Euronext settled down 1.7% at 5,981.75 euros a tonne, after earlier hitting a new one-year low for a front-month price at 573.75 euros.

Weakness in mineral oil and vegetable oil markets, partly linked to economic uncertainty, weighed on rapeseed, dealers said.

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