SYDNEY: US wheat futures rose almost 1% on Monday to a near three-week peak on concerns that key producer Russia would soon move to restrict exports of the grain.

FUNDAMENTALS

The most active wheat futures on the Chicago Board Of Trade were up 0.7% at $6.18-1/2 a bushel by 0238 GMT, near the session peak of $63.22 a bushel - the highest since Nov 25. Wheat gained 3% on Friday.

The most active soybean futures were up 0.9% at $11.70-3/4 a bushel, having firmed 0.7% on Friday.

The most active corn futures were up 1.1% at $4.29 a bushel, having gained 0.5% in the previous session.

Russian officials are considering imposing a wheat export tax of for Feb. 15-June 30 as one measure to stabilise domestic prices, four sources familiar with discussions told Reuters on Friday.

Russia's Sovecon agriculture consultancy downgraded its 2021 wheat crop forecast on Friday, citing the worst crop conditions in a decade.