Fear over decline in wheat exports
While increasing tensions in the war in Ukraine coupled with delayed Russian inspections in the Black Sea initially drove up the market at the start of the week, the situation changed as new figures emerged from Russia. According to SovEcon Russian producers still hold 22.1 million mt of wheat, which is 42% up on the five-year moving average. Australia’s crop is also adding pressure.
Developments in Ukraine are, however, fostering uncertainty. Trouble is that prices will certainly rise, if exports decline. Although th