WORLD GRAIN & FEED MARKET REVIEW

摘要

Agricultural commodities have been drawing strong fund investment interest in the opening weeks of 2021 and despite its seemingly comfortable stock backdrop, wheat has been no exception. On the fundamental (supply/demand) side, additional support hascome from Russia's attempts to curb its export trade through quotas, taxes, possibly increased use of red tape at customs too - at least until it has a clearer picture emerges of its own, so-far weather-challenged winter wheat crop. Analysts there had been warning that drought-stressed fields could face twice the normal amount of winterkill (frost damage), potentially taking almost 10 percent off the next harvest. The crop uncertainty has already driven up Russian internal and export prices, feeding inflation , and reduced its participation in some recent big tenders. So, what will Russia do next? seems to have risen to the top of the list of wheat market-making factors in recent weeks.