U.S. wheat futures edged higher on Monday to hit a near three-week high on expectations of strong demand for U.S. supplies as key producer Russia would soon move to restrict exports of the grain, reportsReuters.
Corn rose more than 1%, drawing support from wheat, while soybeans also rose more than 0.5%.
Analysts attributed the gains to expectations of increased demand for U.S. supplies.
Russian officials areconsidering imposing a wheat export taxfor Feb. 15-June 30 as one measure to stabilize domestic prices.
