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U.S. wheat futures drop in profit-taking setback

CHICAGO, Sept 8 (Reuters) - U.S. wheat futures retreated on Thursday on profit-taking after a sharp rally in the previous session and the market assessed Russian criticism of a Ukrainian grain export deal against prospects of a slowing global economy. * The United States sees no indication that a U.N.-brokered Ukrainian grain export deal is unraveling, the White House said on Thursday, after President Vladimir Putin triggered fears that Russia could withdraw support. * The benchmark Chicago Board of Trade December soft red winter wheat contract fell 15-1/4 cents to settle at $8.29 a bushel after rising to a near-two-month peak on Wednesday. * K.C. December hard red winter wheat futures dropped 8-1/2 cents to $8.93 a bushel and MGEX December spring wheat was down 1-3/4 cents at $8.98-1/4 a bushel. (Reporting by Karl Plume; Editing by Nick Zieminski)

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