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Wheat prices touch 14-month low on surging Russian exports

World's largest exporter seen easing upward pressure on food costs

A deal between Ukraine and Russia has enabled continued exports of Ukrainian grain via the Black Sea.   © Reuters

TOKYO -- Global wheat prices have reached a roughly 14-month low thanks to larger-than-expected shipments out of Russia, fueling hopes for an end to surging food costs.

Benchmark Chicago wheat futures fell for the fourth straight session Tuesday, reaching a low of $7.23 per bushel at one point. This was 9% lower than the end of November, and around half the upper $13 range high in March, shortly after Russia began invading Ukraine.

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