Reports have indicated that the Russian government may implement export limits on the grain due to a reduction in output due to ADVERSE WEATHER.
Russia’s IKAR consultancy this week once again lowered its estimate of the country’s wheat crop, to 69.6 million metric tons, from the previously curtailed projection of 70.8 million tons.
The potential for less available supply comes as Egypt purchased at least 350,000 tons of extra wheat, including 290,000 tons from Russia and 60,000 tons from Ukraine.
Even the hint of export limits has riled the markets.
Wheat futures saw their third straight gain on Thursday.