U.S. wheat futures rose nearly 1% on Monday as Russia, the world’s largest producer of the grain, said it will suspend exports, stoking concerns about global supplies, reports Reuters.
The most-active wheat futures on the Chicago Board of Trade rose 0.8% to $5.38-1/4 a bushel by 0340 GMT, having closed 0.6% higher on Friday.
Ukraine is ready to ban wheat exports if sales exceed limits agreed with traders, the deputy economy minister in charge of agriculture told Reuters last week.
