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Wheat rises due to the brake on Russian exports and the drought in the United States

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By Christopher Walljasper

CHICAGO, March 15 (Reuters) – Chicago Stock Exchange wheat futures rose on Tuesday, supported by Russian export restrictions that fueled global supply concerns, as traders see the recent decline as a conjuncture for buying opportunities.

* Soybeans fell in reaction to investor concern that new coronavirus outbreaks in China may curb demand.

* The most active wheat contract on the Chicago Stock Exchange (CBOT) added 48.25 cents at $11.44502 a bushel by 1612 GMT.

* CBOT corn added 6 cents to $7.5425 a bushel, while soybeans fell 9.75 cents to $16.6075 a bushel.

* Russia on Monday enacted a suspension of grain exports to former Soviet countries, although the government said it would allow special licenses to operators within its current export quota.

* Ukraine may plant 4.7 million fewer hectares this spring, a 39% decline, due to the Russian military invasion, according to agricultural consultancy APK-Inform.

* “If you take two of the world’s largest corn and wheat exporters and put them on the sidelines, there’s a lot of uncertainty,” said Ed Duggan, risk management specialist at Top Third Ag Marketing.

* In the United States, lower ratings for the winter wheat crop by the Department of Agriculture garnered poor conditions in drought-affected states, further underpinning markets.

* Corn and soybeans were pressured by other markets. The fell sharply on the resurgence of COVID-19 cases in China, which could lead to a harsh tightening of restrictions on the population and hurt demand for raw materials.

(Reporting by Christopher Walljasper; Editing in Spanish by Javier Leira)

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