Russia is considering a ban on cereals exports in a move that exacerbates fears that wheat prices, already at an all-time high, could surge further on reduced supplies, European cereal traders said.

Russia, the world's fifth largest wheat exporter, is concerned about rising local bread prices and inflation ahead of legislative elections in December. Cereals traders said Moscow was contemplating either a partial ban on wheat exports or to introduce a prohibitive export tariff to rein in foreign sales. A decision could be made within the next two weeks, the traders added.