While inclement weather is harming crops in various regions of the U.S. and Europe, Russia will gather the benefits of farmers having increased production by 10 percent more acres, according to the country's first deputy prime minister. Stockpiles have grown to more than 6 million metric tons.
"The complicated weather and crop situation around the world means we shouldn't expect a significant price drop," Dmitry Rylko, general director of the Institute for Agricultural Market Studies in Moscow, told the news service on Friday. "I don't expect record-high exports from Russia in July."
With the ban set to expire on July 1, Rylko said exports of wheat will resume but not immediately.
Reuters reports the industry lobby for the Russian Grain Union said it might ship as much as 20 million tons from this year's crop should the harvest total between 85 and 90 million tons.
At 8:14 a.m. on Tuesday, wheat futures slipped 1.83 percent, a 0.1725 cent drop to $9.2575 per bushel.
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