Old crop wheat prices drop on stronger Russian exports.

Old crop wheat prices drop on stronger Russian exports.

January Russian 🇷🇺 wheat shipments are reported up 57% year-over-year to 3.3Mt. Meanwhile, sources reported that Russia would consider a formula-based tax on wheat exports from June 1 onward, following increased tariffs from March-April-May and cutting off that fixed tax figure in June (before the originally-set July 1 deadline). We are thus increasing are Russian wheat export forecast to 38Mt (up from 36Mt previously). Old crop wheat prices are down 2% on the day, despite a very supportive corn outlook.