There’s a little more going on in wheat than meets the eye. It’s not the first time that Russia has initiated an export tax, last one being in Dec-2014, but market conditions then were different. Russia price grid adjusted inclusive of farmer accepting lower price because importers had ample wheat buying choices. Like most years, that was a supply-push year. Not so today. Most important observation is this. Statistics or supply/demand’s won’t convey it, but wheat market dynamics have shifted to a rare seller’s market.
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