Thursday, August 5, 2010

U.S. wheat jumps over 6 percent on Russia export curbs

Thu Aug 5, 2010 9:57pm EDT

SINGAPORE (Reuters) - U.S. wheat futures surged more than 6 percent on Friday, after settling up at the permitted daily maximum in the previous session, as Russia said it would temporarily halt grain shipments because of a drought.

Russia's worst drought on record has devastated crops in parts of the country and caused international grain prices to spike as markets bet that global supplies would be restricted without shipments from one of the world's leading exporters.

Chicago Board of Trade September wheat was up 6.4 percent at $8.36 a bushel by 0150 GMT.

(Reporting by Naveen Thukral)

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