CBOT wheat futures rise to six-month high

Wheat futures on the Chicago Board of Trade set a six-month high Tuesday on fears that Russia's currency crisis would force it to restrict grain exports, but profit-taking late in the session pared gains, traders said. CBOT March wheat reached $6.39 a bushel, the highest spot price since May 29, before paring gains and settling at $6.23-1/4. K.C. hard red winter wheat closed firm. MGEX spring wheat futures clung to modest gains, with March hit by profit-taking after rising to a 3-1/2 month top.
Russia may be forced into protecting domestic bread prices later in the 2014/15 marketing year, analysts said, despite government pledges to avoid curbs on grain exports. In a possible sign of such measures, Russia's Veterinary and Phytosanitary Surveillance Service is restricting grain export certificates for some countries, three trade sources said. US price rally limited by favourable weather in the US Plains wheat belt, where beneficial moisture fell in recent days. Forecasts called for a cooler trend in the next two weeks but no damaging cold.