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US wheat futures rose on Thursday (December 17, 2020) as Russia, one of the world's largest crop producers, moved to limit exports, while soybeans and maize produced in South America.
The most active wheat futures on the Chicago Board of Trade were up 0.8% at $6.03 bushel by 0352 GMT, after closing down 0.2% on Wednesday.
“The market continues to consolidate after the tumult created by Russia’s export tax announcement,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
Russian Prime Minister Mikhail Mishustin signed on Tuesday a list of orders aimed at stabilising food prices, including a grain export quota and a wheat export tax, the government said. The tax could reduce Russia’s 2020/21 wheat exports by 2 million-3 million tonnes to 37.8 million-38.8 million tonnes, SovEcon agriculture consultancy said. Find more… Source: Online/SZK
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