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Wheat Rises as Russia Drought May Boost Demand for U.S. Crops

Wheat rose for the first time in three sessions on speculation that the prolonged drought in Russia will slash output further, boosting demand for grain from the U.S., the world’s largest exporter.

The harvest of crops including wheat, barley, rye and corn may drop below 80 million metric tons, compared with the current estimate of 85 million, Deputy Economy Minister Andrei Klepach said today. Russian grain traders may halt new export agreements because the government may limit shipments, the Moscow-based researcher SovEcon said last week.