Wheat prices continue to rise: concerns about Russia's wheat supply

The CBoT wheat futures rise this morning for the third consecutive day. Yesterday there were fears again that Russia, the world's largest wheat exporter, could limit its exports. Adverse weather conditions ensured that the harvest in 2018 is significantly smaller than in the previous record year and that prices are rising.
Fear of an export tax on Russian wheat alone will lead traders to change their origins, says Common Market Analyst Tobin Gorey of the Commonwealth Bank in Australia this morning in a circular.
In addition to Russia, other supplier countries will soon appear in the international tenders for wheat purchases. Since the European Union and Ukraine have also harvested less wheat, one must pull the radius of possible suppliers even further. So the US comes back into the game.
The news service Reuters announced yesterday that Russia's agriculture minister wants to meet with grain exporters next Monday to discuss the market situation. Previously, the consulting firm IKAR had estimated the Russian wheat harvest at 69.6 million tonnes, after 70.8 million tonnes previously.However, the export estimate remained at 32.5 million tonnes.
Graphic: Saxo-Trader

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