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U.S. wheat ends lower on profit-taking after two-month highs

CHICAGO, Sept 15 (Reuters) - Chicago Board of Trade wheat futures hit a two-month high on Thursday before ending lower as profit-taking hit the market, traders said. * The benchmark CBOT December soft red winter wheat futures contract settled down 27-1/4 cents at $8.45 a bushel. The market earlier hit its highest level since July 11 at $8.84-3/4. * K.C. December hard red winter wheat futures ended down 20-3/4 cents at $9.26-1/4 a bushel. The most-active K.C. hard red winter wheat contract also hit its highest since July 11 before turning lower. * MGEX December spring wheat futures fell 9-1/4 cents to $9.28-3/4 a bushel. * U.S. wheat export sales of 217,300 tonnes in the week ended Sept. 8, reported by the U.S. Department of Agriculture, were near the low end of a range of analysts' estimates. * A tentative deal to avoid a U.S. railroad shutdown added pressure on futures, as some traders expected a work stoppage could increase demand for locally grown wheat in the Plains, a broker said. * Euronext wheat fell as concerns about interest rate rises and a resulting economic slowdown hung over the market, while traders monitored discussions over a Ukrainian grain export corridor. (Reporting by Tom Polansek; Editing by David Gregorio)

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