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Russia, Ukraine and Kazakhstan have adopted protectionist grain policies during the pandemic, including major export restrictions. Russian domestic wheat reached a record 13,300 rubles per tonne, driven by a weak ruble and farmers holding back stock.
Russia set an export quota for April through June.
Export restrictions from the three largest Eurasian suppliers cut global wheat and feed grain availability and keep prices elevated. Importers will have to source from elsewhere, which supports prices across the board.
world-grain.comVladislav VorotnikovMay 22, 2020After 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 318 past bullish policy events, Corn moved a median -0.1% over 5 sessions (48% higher; middle half -1.4% to +1.5%), and -0.2% over 20.
Not enough comparable past events yet for a historical read.
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.
