Investing.com - U.S. wheat futures rallied to the highest level in nearly five months on Friday, amid speculation Russia will limit its exports of the grain.
On the Chicago Mercantile Exchange, US wheat for March delivery hit a session high of $5.8100 a bushel, the most since July 7, before settling at $5.7840 by close of trade, up 15.6 cents, or 2.8%.
On the week, the March wheat contract surged 31.2 cents, or 5.39%.
Russia's Veterinary and Phytosanitary Surveillance Service said Friday that it was introducing new regulation to make sure the country has enough grain for domestic use.
Russia, the world's third-largest wheat exporter, has shipped approximately 14 million tons of wheat so far in the 2014-15 marketing season, which started on July 1.
Lower wheat exports from Russia could boost demand for U.S. supplies, which is the world’s biggest exporter of the grain.
Elsewhere on the Chicago Board of Trade, US soybeans for January delivery plunged 31.0 cents, or 2.96%, on Friday to settle the week at $10.1600 a bushel by close of trade on Friday.
On the week, the January soybean contract lost 23.0 cents, or 2.21%.
Soybean prices moved lower as softening demand for soybean products, such as soymeal, weighed.
Meanwhile, US corn for March delivery shed 2.6 cents, or 0.7%, on Friday to settle the week at $3.8860 a bushel by close of trade.
Despite Friday's losses, the March corn contract rose 16.0 cents, or 4.11%, on the week.
In the week ahead, market players will focus on the release of key USDA data, including crop progress and weekly export sales figures.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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Grain futures - weekly outlook: December 1 - 5
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