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CBOT wheat ends higher on Black Sea export worries, softer dollar

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Chicago Board of Trade wheat futures ended higher on Tuesday on worries about the fate of the Black Sea grain export corridor and a softer U.S. dollar, traders said.

CBOT July soft red winter wheat (WN3) settled up 2-1/2 cents at $6.36-1/4 per bushel.

CBOT wheat hit its session high after Russian President Vladimir Putin said Moscow was considering withdrawing from the U.N.-brokered Black Sea grain export deal, raising uncertainty about global grain supplies.

K.C. July hard red winter wheat (KWN3) ended down 4-3/4 cents at $7.91-3/4 a bushel as the U.S. winter wheat harvest progressed.

MGEX July spring wheat (MWEN3) fell 4-1/2 cents to finish at $8.09-3/4 a bushel, shrugging off a drop in U.S. spring wheat condition ratings.

The U.S. Department of Agriculture late Monday rated 60% of the U.S. spring wheat crop as good to excellent, down from 64% the previous week and below the average analyst estimate of 63%.

The USDA said the U.S. winter wheat harvest was 8% complete, up from 4% by June 4 but lagging the average analyst estimate of 10%.

The dollar DXY dropped to a three-week low, theoretically making U.S. grains more competitive globally, on expectations that the Federal Reserve will pause interest rate hikes as its two-day meeting ends on Wednesday.

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