Wheat analysts have warned that Russia will become a net importer this year, after prime minister Vladimir Putin announced a 12 month extension of the country’s ban on grain exports, until December 2011.
“When you look at what the market did yesterday, this is no surprise,” said one European market player. “Putin said this would happen two weeks ago. It’s an open secret that Russia will end up importing this year.”
NYSE Liffe’s benchmark European Milling Wheat Futures for November delivery rose as high as €231/tonne in Paris during late afternoon trading today....