Russia is thought to be considering a partial ban on cereal exports following concerns about rising bread prices in the country and price inflation, according to a report in The Financial Times.

Any such ban would further reduce supply in the global wheat market and is likely to exacerbate upward pressure on global wheat prices, which are already at record highs.

According to the FT report, Russian cereal traders believe that, with legislative elections three months away, the Putin administration is considering either a partial ban on wheat exports or the introduction of a prohibitive export tariff to restrict foreign sales. A decision is expected within the next two weeks, according to the report.

Ukraine and Indonesia are also thought to be considering introducing measures to restrict foreign wheat sales, which would further increase pressure on the global wheat market.