GRAINS-EU wheat climbs to 13-1/2 year high, U.S. prices ease

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* Chicago cereals, oilseeds prices soften due to dollar jump

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* Russia export ban will further strengthen wheat supply (adds quote, updates prices)

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LONDON, Nov 11 (Businesshala) – European wheat futures climbed to 13-1/2-year highs on Thursday, fueled by concerns that global supplies could tighten further, while a firmer dollar dented US grain and oilseed prices. But there was weight.

March milling wheat on Paris-based Euronext rose 0.35% to 290.75 euros per tonne at 1014 GMT at 292 euros – the highest since February 2008.

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Dealers said the prospect that top wheat exporter Russia could curb exports helps support a market where supplies are already tight.

Agriculture Minister Dmitry Petrushev said Russia could change the way grain export taxes are calculated if prices rise further. Russia also plans to set export quotas for the first half of 2022.

“If a higher export tax is introduced and then there is an export quota at a later date, the supply situation in the wheat market will tighten further,” Commerzbank said in a note.

Russia exported 23.9 million tonnes of wheat during the first nine months of 2021, down from 24.7 million in the same period a year ago, official customs data showed on Thursday.

However, a stronger dollar put downward pressure on Chicago wheat futures, with the most active contract down 0.5% at $7.99-1/4 per bushel.

The dollar rose to a 16-month high against the euro and other currencies on Thursday after the hottest US inflation in a generation encouraged bets on raising interest rates.

Chicago soybeans fell 0.3% to $12.13-1/2 a bushel, while corn fell 0.4% to $5.66-3/4 a bushel. (Additional reporting by Naveen Thukral in Singapore Editing by Ramakrishnan M. and Mark Potter)

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