Euronext drops 2 pct after surge on Russia drought

Some upward pressure on prices was removed when Ria Novostiquoted Deputy Agriculture Minister Alexander Belyayev as saying Russia does not plan to introduce grain export restrictions at present. Benchmark November milling wheat on Euronext was down 5.00 euros, or 2.41 percent at 202.75 euros a tonne, after falling to the psychological level of 200.00 euros in opening deals. The contract had surged as much as 8 percent on Monday to acontract high of 211.00 euros on concerns that the worst drought on record in Russia could slash exports. Front-month Chicago wheat futures were down just over 2 percent to pull away from the $7 threshold that was breached.

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