Wednesday, 29 August 2012 11:01
SYDNEY: US wheat rose on Wednesday, gaining for the first time in six sessions, on concerns key producer Russia may curb exports of the drought-hit grain at an agricultural ministry meeting later this week.
Soybeans extended gains into a second session on export demand from China and corn edged up as damage to crop yields in the US Midwest from the worst drought in more than 50 years continued to underpin prices.
"There is a meeting of the Russian Agricultural Ministry on Friday, which is expected to bring about export limits, so there's a bit of positioning ahead of that," a Melbourne-based commodity trader said, referring to the rise in wheat prices.
A sharply reduced Russian 2012 grain crop forecast, which the government recently cut to 75 million tonnes, has sparked concerns Moscow might ban exports.
Russia barred grain exports for almost a year in August 2010 after a severe drought. This year Russia's ...