EU wheat rallies on talk of Russian export cover

  • EU wheat rallies on talk of Russian export cover
    FarmIreland.t. E.
    European wheat prices jumped on Wednesday after U.S. markets rose on talk that Russia is considering placing a cap on wheat exports, although this was not officially confirmed.
    https://www.independent.ie/business/farming/tillage/grain-prices/eu-wheat-rallies-on-talk-of-russian-export-cap-37266322.html
    https://www.independent.ie/business/farming/article37241535.ece/3c0ac/AUTOCROP/h342/2018-08-17T154206Z_994142198_RC12E72BF320_RTRMADP_3_EUROPE-WHEAT-HARVEST.JPG

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European wheat prices jumped on Wednesday after U.S. markets rose on talk that Russia is considering placing a cap on wheat exports, although this was not officially confirmed.

The Benchmark December
milling wheat on euronext Paris, settled at €5.00 or 2.5 PC higher at €203.25 per ton.

She rose to €204.50
at the beginning of the trade. A discussion of the market was partly due to a letter
The national Association of exporters of agricultural
The products that were sent to its members after a meeting with
The interior Ministry on Tuesday.

In the letter, a copy of which was
obtained by Reuters, the Association said that the Ministry
to monitor the situation on a weekly basis, and reiterated that it was
given the limitation of grain export to 30 million tons.

He said
it may indicate a potential curbs after the export of wheat to 25 million
tons. The traders estimated that the current rate of sales in Russia
made in December of 25 million tons of wheat exports.

“We
it is known that the export will be stopped after this, but we don’t know
like,” a European trader said.

This is not the first time the markets
jumped on rumors that Russia, one of the world’s largest wheat
exporters will limit shipments after a hefty stream of exports
early in the season.

This kind of talk in early August that the neighboring
grain producer Ukraine will limit exports, the rumors that rushed
denied, was also sent to the markets rally. “The situation is uncertain
and markets don’t like uncertainty,” the trader said.

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