The price of wheat gained slightly on Friday, boosted by Russian prime minister Vladimir Putin's announcement that the country will extend its ban on the export of all grains until July 2011. Previously, the ban stopped exports until the end of 2010.
Chicago Board of Trade wheat futures for December delivery rose 2 cents to settle a $6.7075 per bushel, though the contracts were still in negative territory for the week.
The bullish impact of the Russian news was offset to some degree by good news about a rainy weather system moving through the Midwest, which is a positive sign for crops there.
"It's hard to get much of a rally out of wheat with this system moving through the Plains, which we really needed," Darrell Holaday, the president of Advanced Market Concepts in Manhattan, Kansas, told Bloomberg News. "It's a very slow-moving system at this point that’s done a good job of giving west Oklahoma, especially, some good rain."
Wheat has also been affected by currency concerns – the slide earlier in the week was prompted in part by an unexpectedly stronger dollar.
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