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CBOT wheat rises by daily limit to nearly 14-year high

CHICAGO, March 1 (Reuters) - Chicago Board of Trade wheat futures advanced by their daily trading limits on Tuesday and reached their highest price in nearly 14 years on concerns about the Russia-Ukraine crisis. * CBOT May wheat settled up the 50-cent limit at $9.84 a bushel, while July wheat was up 50 cents at $9.67. * Most-active CBOT wheat reached its highest price since April 2008. * K.C. May wheat also rose by the 50-cent limit and ended at $10.03 a bushel. * Daily trading limits for CBOT and K.C. wheat will widen to 75 cents on Wednesday, exchange owner CME Group said. * MGEX May spring wheat ended up 59-3/4 cents at $10.53-3/4. * Russia and Ukraine account for about 29% of global wheat exports. * Other exporting countries do not have enough wheat in stock to make up for the loss of Russia and Ukraine in the global market, analysts said. * The world's three biggest container lines on Tuesday temporarily suspended cargo shipments to and from Russia in response to Western sanctions on Moscow following its invasion of Ukraine, in a further blow to trade with the country. * Egypt, the world's largest wheat buyer, has extended by one year its imported wheat moisture limit specifications, as part of a plan to diversify its sources of supply, the trade ministry said. Egypt canceled two import tenders for wheat due to Russia's invasion of Ukraine. (Reporting by Tom Polansek in Chicago; editing by Jonathan Oatis)

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