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CHICAGO :  wheat Trading fell under $8 per bushel in the fourth week of November, the lowest in nearly three months, amid expectations of strong supply.

Following a period of supply uncertainty, Russia agreed to extend the UN-brokered deal that guarantees a trade corridor for vessels carrying Ukrainian grain in the Black Sea for another four months.

According to Ukrainian authorities, the country was able to export more than 11 million tonnes of grain by ships since the start of the deal on August 1st, significantly easing shortage concerns in the next marketing year.

In turn, extended supplies from the Black Sea are set to allow US Chicago wheat Trading  players to build much-needed stocks in 2022-23.

In the meantime, data from the USDA’s WASDE report increased projections for world supply and ending stocks for the upcoming marketing year, compared to expectations of a decline, as higher output in Australia and Kazakhstan offset potential declines in Argentina and the EU.

Earlier Chicago wheat Trading futures were at $8.1 per bushel, hovering close to the two-month low of $8 touched on November 10th amid expectations of continued supply from major exporters.

Following a period of supply uncertainty, Russia agreed to extend the UN-brokered deal that guarantees a trade corridor for vessels carrying Ukrainian grain in the Black Sea for four months.

According to Ukrainian authorities, the country was able to export more than 11 million tonnes of grain by ships since the start of the deal on August 1st, significantly easing shortage concerns.

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