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Russia, the world's largest wheat exporter, has been restricting grain supplies to global markets to keep domestic prices from spiking. Reuters reports the curbs are informal rather than formally announced, which has left buyers and traders uncertain about available volumes.
The move is linked to President Putin's efforts to contain inflation partly driven by military spending.
Reduced Russian export availability tightens the global wheat supply and supports world wheat prices, while the lack of clear rules raises uncertainty for feed buyers planning purchases.
reuters.comOlga PopovaOct 31, 2024After 182 past bullish policy events, Wheat (SRW) moved a median +0.1% over 5 sessions (52% higher; middle half -1.9% to +1.4%), and -0.3% over 20.
After 37 past bullish policy events, Wheat (HRW) moved a median -0.1% over 5 sessions (41% higher; middle half -3.4% to +2.0%), and -3.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
