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CHICAGO: Wheat futures eased to the $8.1 per bushel level, retreating from the one-week high of $8.4 hit on July 19 and extending trade at levels prior to Russia’s invasion of Ukraine amid outlooks of strong supply.

Forecasts from the USDA predict a sharp increase in the supply, exports, and ending stocks in the United States, and a decrease in consumption for the rest of the world for the 2022/23 marketing year.

A record harvest in Russia and expectations of lower export taxes also added to the bearish turn, exacerbating shortage reliefs when the US announced that grains and fertilizers from Russia will not be sanctioned.

In the meantime, investors continued to monitor talks regarding resumption of Ukrainian exports out of Black Sea ports. While the agreement with Russia to ship previous season Ukrainian crops may be reached soon, a lower Ukrainian wheat output capped losses.

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