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NE IOWA/ SE SD |
PARIS, Aug 5 (Reuters) - U.S. and European wheat futures
extended heavy gains on Thursday to set contract highs as
Russia's Prime Minister called for a temporary halt to grain
exports due to a drought emergency that has slashed crops.
Vladimir Putin told a government meeting a temporary ban on
grain exports was needed, with a spokesman later adding this
would come into force from Aug. 15. [ID:nWLA0253] [ID:nWLA0259]
Wheat markets had surged earlier after a report from Russian
news agency Interfax of a ban on grain exports as soon as next
week, which added to market speculation about export curbs from
the drought-stricken producer. [ID:nLDE6740ZY]
September wheat on the Chicago Board of Trade rose to
a limit-up 60 cents to $7.85-3/4 a bushel, a high for the
contract and a 23-month high for front-month prices.
By 1145 GMT it was just shy of the limit-up at $7.85.
The benchmark November contract on Euronext reached
a high of 228.00 euros by 1145 GMT, up 9 percent, the latest in
a series of contract highs set during Thursday's session. | |
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NOT PREDICTING-DEJA VU ALL OVER AGAIN
