“The potential tightening of Russian export checks and the continuing price rise in Russia are supporting the renewed competitiveness of European wheat and hopes it will capture some more demand,” one futures dealer told Reuters.
The Russian government could restrict exports in an attempt to bolster domestic supplies and clamp down on rising wheat prices in its own markets, according to new agencies inn Russia.
Meanwhile, wheat traders were closely watching winter storms across the central U.S. and forecasts for a harsh cold system plowing through. Heavy snowfall could help insulate dormant winter wheat from the cold, but missed snowfall could leave some areas vulnerable to crop damage.
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