Wheat hits 3-week high; corn, soybeans up

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    SYDNEY- US wheat futures edged higher on Monday to hit a near threeweek high on expectations of strong demand for US supplies as key producer Russia would soon move to restrict exports of the grain.

    Corn rose more than 1 percent, drawing support from wheat, while soybeans also rose more than 0.5 percent.

    The most active wheat futures on the Chicago Board Of Trade were up 0.3 percent at $6.16-1/2 a bushel, near the session peak of $63.22 a bushel – thehighest since Nov 25. Wheat gained 3 percent on Friday.

    Analysts attributed the gains to expectations of increased demand for US supplies.

    “Russia’s agriculture ministry had proposed a $30 tax on exports from mid February to end June,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

    “The effect will be to turn more demand to Australia and the Unites States.”