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Wheat Futures Rise on Fears Russia May Limit Exports

Country's ag ministry will meet grain exporters to discuss the market situation

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U.S. wheat futures rose 1% on Thursday, adding to a steep rise in the previous session as concerns that Russia will limit exports pushed prices to a near one-week high, reports Reuters.

The most active wheat futures on the Chicago Board of Trade were up 1% at $5.46-3/4 a bushel by 0138 GMT, near the session high of $5.49 a bushel - the highest since Aug. 23. Wheat closed up 4.4% on Wednesday.

Russia's agriculture ministry will meet grain exporters on Sept. 3 to discuss the market situation, two trade sources told Reuters.

Russian consultancy IKAR on Tuesday lowered its estimate of Russia's 2018 wheat harvest to 69.6 million tonnes from 70.8 million tonnes previously. The firm left its Russian wheat export estimate unchanged at 32.5 million tonnes.

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