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Wheat Hits 3-Week High

Russia may soon move to restrict exports of the grain

Wheat 5011277 1920

U.S. wheat futures edged higher on Monday to hit a near three-week high on expectations of strong demand for U.S. supplies as key producer Russia would soon move to restrict exports of the grain, reports Reuters.

Corn rose more than 1%, drawing support from wheat, while soybeans also rose more than 0.5%.

Analysts attributed the gains to expectations of increased demand for U.S. supplies.

Russian officials are considering imposing a wheat export tax for Feb. 15-June 30 as one measure to stabilize domestic prices.

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