Sector News

Bunge exec sees no sign Russia will limit wheat exports

December 11, 2014
Food & Drink
(Reuters) – Bunge Ltd, one of the world’s largest agricultural trading houses, sees no signs that Russia will limit wheat exports as some traders have feared, the company’s managing director of global agribusiness said on Wednesday.
 
“Today we have not seen any intervention and we have no signs that anything is about to happen,” Brian Thomsen, who leads Bunge’s agribusiness operations, said in a webcast of a company presentation.
 
Traders have been nervous about the potential for Russia, one of the world’s top wheat exporters, to curb shipments since the country’s Veterinary and Phytosanitary Surveillance Service (VPSS) toughened quality requirements for grain exports last month. The announcement fueled speculation that it was the first step in export restrictions, and triggered a jump in global wheat prices.
 
However, VPSS said on Monday it had yet to start using the new regulations and will impose them when it sees quality problems. U.S. wheat futures have fallen this week as concerns about the risk for export restrictions have eased.
 
Interfax news agency on Tuesday quoted Deputy Prime Minister Arkady Dvorkovich as saying Russia was not discussing grain export restrictions. (Reporting by Tom Polansek in Chicago; editing by Gunna Dickson)

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