Wheat prices rise 2% as Russia says may curb exports

Wheat prices climbed on Friday as Russia's economy minister raised the possibility of grain export curbs by the world's third-largest wheat shipper.

Soybeans rose late, but posted their biggest weekly loss in a year. Corn edged higher, but ended with its largest weekly loss in more than three months.

Russia, which accounted for 14 percent of the world's wheat trade in 2011/12, may curb grain exports if domestic prices continue to rise, Economy Minister Andrei Belousov said.

December wheat futures on the Chicago Board of Trade rose 17-3/4 cents, or 2 percent, to $8.97-1/4 a bushel, passing through its 50-day moving average. For the week, the nearby wheat contract posted a slight loss, its first decline in four weeks.