Wheat futures on the US and European grain markets had been lifted earlier this week amid reports from Moscow that Russian authorities were considering implementing an export tariff to tackle increasing food inflation due to the weakness of the rouble. The aim of the export tariff would be to keep more food in Russia and ease inflationary pressure.

However, reports emanating from Moscow yesterday suggested that export taxes on wheat may now be scrapped altogether, which sent market prices for wheat into retreat. Wheat futures are likely to remain volatile until Russian authorities announce a decision either way.

Europe

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On the Euronext exchange (MATIF) in Paris, wheat for May 2016 delivery was back €2/t to settle below €172/t, while May 2017 delivered wheat also lost €2/t to finish at €185/t.

Maize (corn) futures in Paris also lost some ground during Wednesday’s trade with June 2016 maize back €2/t to finish below €164/t, while prices for June 2017 delivered maize fell more than €1/t to close at €175/t.

Rapeseed futures were steady. May 2016 delivered rapeseed gained almost €1/t to settle at €365/t, while May 2017 rapeseed was relatively flat at €360/t.

Chicago

Grain prices from the Chicago exchange (CBOT) were mixed as wheat futures lost ground while maize enjoyed some gains.

SRW wheat for May 2016 delivery lost $3/t during Wednesday’s session in Chicago to settle at $177/t (€163/t), while May 2017 delivered SRW wheat was back by more than $2/t to finish at $193/t (€177/t).

US maize (corn) prices continued to be flat as has been the case all week. May 2016 delivered maize remained at $147/t (€135/t), while maize for May 2017 delivery also saw little movement holding below the $160/t (€146/t) mark.