Russia revives export wheat tax

“Russia Ag. Ministry has reinstated an export tax on wheat, raising it to 32.1 roubles/mt for the period ending Sept. 2. Still awaiting for progress on a Putin/Zelensky peace summit and clarity on security guarantees or the potential for tougher U.S. sanctions on Russia,” Mark Soderberg of ADM Investor Services said. “Slightly higher production forecasts from Russia may loosen up global stocks as it has weighed on global FOB offerings.”

“Canada is lowering tariffs on certain U.S. goods to help trade talks progress. November beans are moving up toward June high and the highs of 2025 set back in early February at 1075¾, “The Hightower Report said. “That level should provide significant resistance until China trade deal talks progress.”