On the Chicago Mercantile Exchange, wheat for December delivery settled at USD9.0550 a bushel by close of trade on Friday. Earlier in the day, prices rose to a session high of USD9.1238 a bushel, the highest since August 30.
The December wheat contract rose 1.85% on the week, the second consecutive weekly gain.
Wheat futures rallied Friday, amid growing fears Russia will implement a limit on grain exports, despite comments last week from Deputy Prime Minister Arkady Dvorkovich saying the country will not curb grain shipments even if its exportable surplus is exhausted.
In 2010, Russia barred grain exports amid a severe drought, prompting global buyers to turn to U.S. supplies.
Russia is a major wheat exporter and competes with the U.S. for business on the global market. A disruption to exports from the country could boost demand for U.S. supplies, which is the world’s third largest wheat producer and biggest exporter.
Mounting fears over dry weather conditions in Western Australia, the largest wheat producing state in Australia, further supported gains.
Elsewhere on the Chicago Board of Trade, soybeans for November delivery settled at USD17.3325 a bushel by close of trade Friday. November soy prices retreated 1.2% on the week.
Prices came under pressure after updated weather models predicted beneficial rains in the drought-stricken U.S. Midwest crop region later next week.
The November contract rallied to an all-time high of USD17.8888 a bushel on September 4, as escalating concerns over the impact of the worst drought in at least 56 years in the U.S. Midwest and Great Plains-region drove prices higher.
Weekly data from the U.S. Department of Agriculture released earlier in the week showed that U.S. soy crop conditions remain at the lowest levels since 1988 for this time of year.
Global soybean supplies are already on the decline, as severe drought conditions earlier in the year in major South American growers Brazil and Argentina damaged crops in the region.
Meanwhile, corn futures for December delivery settled at USD7.9775 a bushel by close of trade on Friday. On the week, December corn prices dipped 0.25%.
Prices touched a record high of USD8.4237 a bushel on August 10, as the same hot, dry weather that boosted soybeans buoyed corn futures as well. Corn is grown in many of the same regions across the U.S. as soybeans.
In the week ahead, corn and soybean traders will continue to pay close attention to weather forecasts for the U.S. Midwest and Great Plains-region, while wheat traders will monitor crop conditions in Russia.
Market players will also focus on the USDA’s monthly supply and demand report scheduled for Wednesday, as well as the agency’s weekly crop progress report on Tuesday and Thursday’s weekly exports data.
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