The price of wheat has surged more than 10 per cent in southern Russia as grain exporters are stepping up purchases before the ban is lifted on Russia's grain exports, RBC Daily reported, citing industry experts.

In the first three days after May 28, when Prime Minister Vladimir Putin announced that grain exports would resume from July 1, the prices of third- and fourth-grade wheat in grain storage facilities rose by RUB 700 (approx. USD 25.11) to RUB 5,980 (approx. USD 214) and RUB 5,500 (approx. USD 197) per ton, respectively, in the Krasnodar Region, according to Russian Grain Union President Arkady Zlochevsky.

Market participants expect grain prices to go up by another 10-15 per cent within a month.