Wheat prices falter amid Russian confusion

摘要

Wheat's latest attempt to recapture last month's bull market stumbled this week as traders read a bearish bias into the mixed export signals coming out of Russia, Canada revealed larger than expected stocks and Egypt spurned US for French wheat. Earlyin the week, nearby Chicago futures had nudged 1-month highs of S7.13/bu (about S262/tonne), still reacting to Prime Minister Putin's warning last Thursday that Russia's export ban could last into late 2011. However, strength began to wane after President Medvedev indicated trade could resume far sooner - despite a swift follow-up assertion from other government officials that the ban would indeed stick until the 2011 harvest was in (see page 9).