US wheat nears 5-month top as Russia tightens export rules

CHICAGO, Nov 29 (Reuters): US wheat futures climbed to their highest in nearly five months on Friday, supported by news that Russia, a major global wheat supplier, was tightening its grain export rules, traders said. Soybeans fell nearly 3 per cent as soymeal declined on talk of softening cash meal values.
Corn also sagged on a day when US crude oil tumbled 10 per cent after OPEC's decision a day earlier not to cut output. At the Chicago Board of Trade, most-active March wheat settled up 15-3/4 cents at $5.78-1/2 per bushel in a shortened session following the Thanksgiving holiday. The spot December contract ended at $5.77-1/4 after reaching $5.79-1/4, the highest spot price since June 30.