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Wheat prices kicked their losing streak, soaring nearly 4% in Chicago, helped by growing concerns for curbs on Russian exports, just as Saudi Arabia extended a round of importer interest in buying.
Wheat futures for December delivery regained the $9-a- bushel mark in Chicago, reversing two days of losses, while in Kansas hitting $9.23 ¼ a bushel at one point, a gain of 3.4%.
The increases, which pulled corn 2% higher in Chicago too, were attributed in the main to ideas that a meeting of Russian government and agriculture officials on Friday will impose some sort of curbs on exports, to protect domestic supplies of a drought-hit harvest.
"They were not slow to panic two years ago," Jerry Gidel, senior feed grains analyst at broker Rice Dairy, said.
"There are many people who think Russia is going to act again on Friday too," denying buyers access to a competitively-priced source of wheat, even in the early weeks of 2012-13, when Russian supplies have won a series of exports tenders, notably with Egypt, the top importer.
Rash of buyers
Some commentators questioned the likelihood of Russia, which last week gained membership of the World Trade Organization, taking drastic action.